Inland Private Capital Corp. (IPC) has sold two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver, for $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, one of its 1031 investment programs.
Located at 1691 Franklin St., Ascent Uptown is a three-story mixed-use building constructed in 2013. The property consists of 22 units and approximately 4,988 square feet of retail space, currently leased to Olive & Finch, a coffee shop and bakery, and Patxi’s Pizza.
The Emerson Lofts, located at 777 Emerson St., is a 42-unit multifamily property constructed in 2013. The property also includes 42 basement garage parking spaces.
As of the date of the sale, Ascent Uptown was 100 percent leased and Emerson Lofts was 97.62 percent leased.
The sale resulted in a total return to the investors of 131.35 percent.
