Source: Inland Private Capital / #Apartments #Multifamily
CHICAGO, IL - Inland Private Capital Corporation announced the $15.24 million sale of Kimball Station, a 59-unit apartment property with 6,118 square feet of ground-floor retail space, located in Chicago. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of Chicagoland Multifamily DST, one of its 1031 investment programs.
Located in the growing Albany Park neighborhood on Chicago’s northwest side, the property consists of a five-story building constructed in 2009 and provides a mix of one-, two- and three-bedroom apartments with upscale contemporary finishes. Ideally positioned directly across from the Brown Line Commuter Rail Station, which serves more than 1.3 million passengers per year, Kimball Station is approximately eight miles north of Chicago’s Central Business District.
“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.”
As of the date of the sale, the property was 98.3 percent leased.
The sale resulted in a total return to the investors of 157.12 percent (calculated based on the aggregate amount of original capital invested in the property).