ORLANDO, FL - Inland Private Capital Corporation announced the sale of the Retreat at Orlando, an 894-bed student housing community located in Orlando, Florida. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
Located approximately two miles southwest of the University of Central Florida (“UCF”) campus and 11 miles northeast of Orlando’s central business district, the 427,657-square-foot property is located at 11037 Retreat Avenue in Orlando. The Retreat at Orlando caters primarily to students enrolled at UCF, the second largest university in the nation.
Constructed in 2014, the Retreat at Orlando community consists of 143 apartment buildings with 964 parking spaces. Residents can select from 33 cottage-style floor plans that range from a two- to six-bedroom design with private bedrooms and bathrooms, gourmet kitchens, spacious closets, nine-foot ceilings, a full-size washer and dryer and a front porch or back patio with private access.
The property also features a resort-style, multi-tiered swimming pool with cabanas and hammocks, a 24-hour fitness center, an 11,000-square-foot clubhouse with a catering kitchen, computer lab, pool tables, lounge area and golf simulator, a sand volleyball court, tennis court, a picnic area with barbecue grills and shuttle service to the UCF campus.
“The Orlando Student Housing DST marks our Company’s first full-cycle transaction on our student housing platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2015, and it provided consistent income and a substantial profit on sale, resulting in a 10.48 percent average annualized return to investors.”
Source: Inland Private Capital / #Apartments #Multifamily