Inland Private Capital Corp. has sold three upscale multifamily properties located in Colorado, for a gross sale price of $206.5 million.
The new owner was not disclosed.
“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,” said Keith Lampi, president and COO of IPC. “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.”
Purchased in 2014, the portfolio consists of the Greens at Van de Water and Lake Vista at Centerra Apartments, both in Loveland and Arbour Square at Orchard Town Center in Westminster.
The Greens at Van de Water is a 252-unit upscale multifamily community located within Loveland’s Van de Water master-planned development. Lake Vista at Centerra Apartments is a 303-unit class A luxury community located in the center of the award-winning Centerra master-plan community. Arbour Square at Orchard Town Center is a 300-unit upscale, urban community located adjacent to Westminster’s Orchard Town Center Mall.
As of the date of the sale, the Greens at Van de Water was 95.62 percent leased, Lake Vista at Centerra Apartments was 96.33 percent leased and Arbour Square at Orchard Town Center was 94.66 percent leased.
