OAK BROOK, IL - Inland Private Capital Corporation (“IPC”) today announced the $61.013 million sale of The Preserve at the Meadows, a 220-unit multifamily property located in Fort Collins, Colorado. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of Ft. Collins Multifamily III DST, one of IPC’s 1031 investment programs.
The sale resulted in a total return to the investors of 167.45 percent (calculated based on the aggregate amount of original capital invested in the property).
Located at 350 Riva Ridge Drive, The Preserve at the Meadows consists of more than 12 acres of land with 10 three-story residential buildings, a clubhouse and 11 detached garage buildings. Constructed in 2002, the property features community amenities including a resort-style pool and spa, a sun deck with a lounge, grills and gas fire pit, a 24-hour fitness center, an updated clubhouse, business center and nature trail access.
“Situated in the heart of the rapidly growing Fort Collins market, The Preserve at the Meadows provided IPC investors an opportunity to capitalize on the market’s robust growth and increased investor demand that has occurred over the past several years,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in July 2016, and through proactive asset management and value-add renovations, the property provided a substantial profit on sale, resulting in a 13.17 percent average annualized return to investors. The sale provided liquidity to investors, many of which have elected to utilize their sales proceeds to complete a subsequent tax-deferred exchange.”
As of the date of the sale, The Preserve at the Meadows was 99.09 percent leased.
IPC specializes in offering multiple-owner, tax-focused, private placement investments as well as Qualified Opportunity Zone investments throughout the U.S. Since inception, IPC has monetized in excess of $2.4 billion in full-cycle transactions on behalf of its investors. Currently, IPC manages a diverse portfolio of more than $9 billion across several asset classes spanning 43 states.