IPC sells Chicago apartment property for $15.24m
Inland Private Capital Corporation (IPC) has sold a 59-unit apartment property in Chicago for $15.24 million on behalf of Chicagoland Multifamily DST, one of the firm’s investment programs.
The five-story property provides a mixture of one-, two- and three-bedroom apartments with upscale contemporary finishes and consists of 6,118 square feet of ground-floor retail space.
The property is 98.3 percent let.
Located in the Albany Park neighborhood on Chicago’s northwest side, the property is positioned directly across from the Brown Line Commuter Rail Station, which serves more than 1.3 million passengers
per year. Kimball Station is also located eight miles north of Chicago’s CBD.
“Chicagoland 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 2012, and it provided consistent income and a substantial profit on the sale, resulting in an 8.17 percent average annualized return to investors.”