Inland Private Capital Corporation closed the portfolio sale of three multifamily properties totaling $192.75 million, marking another liquidity event on behalf of one of its 1031 investment programs.
The investment program, Park Creek Steeple Multifamily DST, was comprised of the following three assets:
- Park Place Apartments in Oviedo, Florida, a 275-unit community featuring a resort-style swimming pool, a complete fitness center, a demonstration kitchen, an indoor basketball court, a media room, outdoor grilling area, car and pet washing bays and a business lounge.
- Creekside Ranch Apartments in Bradenton, Florida, a 256-unit community that includes a luxurious beach-entry pool with a spa, an indoor basketball and sports court, professional demonstration kitchen, a coffee bar, game room, a volleyball court, storage units, a dog park, car care center and outdoor kitchen and barbecue area.
- Steeplechase at Parkview Apartments in Fort Wayne, Indiana, a 264-unit community providing residents with access to Northwest Allen County Schools and Parkview Regional Medical center. Amenities include a number of walking and jogging trails, three ponds, a swimming pool and sundeck, a fitness center, a community area with a designer kitchen and a conference room.
Each of the three assets were acquired in 2015, and the liquidity event, in aggregate, resulted in a total return to the investors of 287.71 percent, and an average annual return of 29.19 percent.
Similar to many of IPC’s previous dispositions, this transaction provided liquidity to investors, while also providing investors with the option to utilize their sales proceeds to complete a subsequent tax-deferred exchange. To date, IPC has monetized approximately $1.7 billion in real estate in 2021 on behalf of its 1031 exchange platform.
