Inland Private Capital Corp. has sold two multifamily properties located in Colorado, for a gross sales price of $72.5 million. IPC, through its subsidiary that serves as asset manager, facilitated the sale of the properties on behalf of Colorado Multifamily Portfolio II DST, one of its 1031 investment programs.
“Colorado Multifamily Portfolio II DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and COO of IPC. “We purchased the properties in 2015, and through proactive asset management, the properties exceeded cash flow projections and provided a substantial profit on sale, resulting in a 13.86 percent average annualized return to investors.”
Maple Leaf Apartments, located at 7010-7110 Simms Street in Arvada, consists of six apartment buildings with a total of 71 units and 85,415 leasable square feet. Constructed in 2014, the apartments include 10-foot ceilings, fireplaces, stainless steel appliance packages, in-unit washers and dryers, and either an attached or detached garage in addition to outdoor parking.
Country Club West Apartments features 18 buildings consisting of 288 units with a total of 226,080 leasable square feet. The community, located at 1001 50th Avenue in Greeley, includes a clubhouse with a business center, a swimming pool, heated spa, playground and a fitness room.
To date, in 2019, IPC has completed 23 full-cycle dispositions, representing an aggregate sale price of $804 million, returning more than $392.9 million in sales proceeds to investors.
