Source: Inland Private Capital / #Apartments #Multifamily
DENVER, CO - Inland Private Capital Corporation announced the sale of two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver, Colorado, for a gross sale price of $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 Street, 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 Street, is a 42-unit multifamily property constructed in 2013. The property also includes 42 basement garage parking spaces.
“Denver Multifamily Portfolio 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 properties in 2015, and they provided consistent income and a substantial profit on sale, resulting in an 8.71 percent average annualized return to investors.”
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 (calculated based on the aggregate amount of original capital invested in the property).