The Greens at Van de Water, Loveland, CO
OAK BROOK, IL—Locally-based Inland Private Capital Corp. reports it has sold three luxury multifamily properties involving a total of 855 units in Colorado for a gross sale price of $206.5 million.
“The sale of these properties marks a successful and historic transaction, as it is the industry's largest securitized 1031 program to go full-cycle,” says Keith Lampi, president and chief operating officer of Inland Private Capital Corp. “This transaction provides liquidity to more than 240 investors, which represents our industry's progression toward institutional scale and asset quality, while also underscoring the importance of proactive asset management.”
The deal, through a subsidiary that will serve as asset manager for the Colorado multifamily properties, was facilitated on behalf of IPC's 1031 investment programs—Colorado Multifamily DST.
Purchased in 2014, the portfolio consists of the 252-unit Greens at Van de Water and the 303-unit Lake Vista at Centerra Apartments, both in Loveland, CO, and Arbour Square at Orchard Town Center in Westminster, CO, a 300-unit upscale community.
The Greens at Van de Water multifamily community is located within Loveland's Van de Water master-planned development. Lake Vista at Centerra Apartments is located in the center of the award-winning Centerra master plan community, while the Arbour Square at Orchard Town Center is situated adjacent to Westminster's Orchard Town Center Mall.
As of the date of the sale, the Greens at Van de Water was 95.62% leased, Lake Vista at Centerra Apartments was 96.33% leased and Arbour Square at Orchard Town Center was 94.66% leased.
In March of this year, Inland Private Capital disposed of several other Colorado multifamily properties. Inland sold the Ascent Uptown and Emerson Lofts, both located in Denver, for a gross sale price of $21.85 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, another one of its 1031 investment programs.
As of Dec. 31, 2018, IPC had sponsored 232 private placement programs with 624 total properties, including more than 18,000 residential units. As of April 30, 2019, IPC had sold more than $519 million in assets within the residential sector, including both multifamily and student housing properties.
Inland Private Capital offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital is a part of The Inland Real Estate Group of Companies, Inc., one of the nation's largest commercial real estate and finance groups, which is comprised of independent legal entities.
Last week, Inland Real Estate Investment Corp., one of the nation's largest sponsors of alternative public and private real estate securities, launched a new subsidiary business entity, Inland Venture Partners, LLC that will sponsor a series of closed-end, specified assets funds to accredited investors seeking exposure to private equity real estate. The Inland Real Estate Group of Companies has participated in more than $80 billion in real estate transactions and sponsored 748 investment programs, including 508 public and private limited partnerships, 217 Section 1031 exchange programs, and eight public and private REITs.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
