Source: Inland Private Capital / #Apartments #Multifamily
AURORA, CO - Inland Private Capital Corporation announced the sale of the 263-unit Canyons at Saddle Rock apartments for a gross sale price of $56,750,000. IPCC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
The 277,373-square-foot property is located at 6850 Versailles Way, just north of E-470 in Aurora, the third largest city in Colorado. The Class A, garden-style, multifamily residential complex includes 17 two-story and three-story apartment buildings and a clubhouse building with a swimming pool, fitness center, billiards room and a business center.
Constructed in 2008, the residential buildings are comprised of 134 one-bedroom, 94 two-bedroom and 35 three-bedroom apartments. The apartments average 1,054 square feet of livable space and include full-size washers and dryers. Select units feature premium amenities including gourmet kitchens, fireplaces and attached garages.
“This investment was another very successful full-cycle deal on IPCC’s multifamily investment platform,” said Keith Lampi, president and chief operating officer of IPCC. “We purchased the property in February 2014, and it performed positively due to the property’s compelling location, strong demographic fundamentals and an outstanding property management staff. The result was a substantial return for our investors and an opportunity for them to invest a significant portion of the proceeds into other properties owned by different Inland-sponsored programs.”