Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold Hurstbourne Estates Apartments, a 270-unit multifamily community located in Louisville, Kentucky. The property was sold on behalf of Louisville Multifamily DST, a Delaware statutory trust/1031 exchange investment program.
Located in the Hurstbourne Corridor, the property was constructed in 2013 and consists of 17 apartment buildings and a clubhouse. Community amenities include a fitness center, yoga room, game room, business center, swimming pool and dog park. As of the date of the sale, the property was 95.2 percent occupied.
“Louisville Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2014, and it provided consistent income and a substantial profit on the sale, resulting in an 8.5 percent average annualized return to investors.”
Inland Private said that the sale resulted in a total return to the investors of 140.7 percent (calculated based on the aggregate amount of original capital invested in the property).
In other recent news, The DI Wire reported earlier this month that Inland Private sold a Colorado multifamily portfolio for $206.5 million, which was purportedly the industry’s largest securitized 1031 program to go full-cycle.
As of May 31, 2019, the company had sold more than $725 million in assets within the residential sector, including both multifamily and student housing properties.
Inland Private Capital Corporation, based in Oak Brook, Illinois, offers replacement property investments for participants of 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. As of March 31, 2019, the firm had sponsored 237 private placement programs with 644 total properties, including more than 19,000 residential units.