Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the portfolio sale of three multifamily properties, totaling $192.75 million, marking another liquidity event on behalf of one of its 1031 investment programs. The investment program, Park Creek Steeple Multifamily DST, was comprised of the following three assets:
• Park Place Apartments in Oviedo, Florida, a 275-unit community featuring a resort-style swimming pool, a complete fitness center, a demonstration kitchen, an indoor basketball court, a media room, outdoor grilling area, car and pet washing bays and a business lounge.
• Creekside Ranch Apartments in Bradenton, Florida, a 256-unit community that includes a luxurious beach-entry pool with a spa, an indoor basketball and sports court, professional demonstration kitchen, a coffee bar, game room, a volleyball court, storage units, a dog park, car care center and outdoor kitchen and barbecue area.
• Steeplechase at Parkview Apartments in Fort Wayne, Indiana, a 264-unit community providing residents with access to Northwest Allen County Schools and Parkview Regional Medical center. Amenities include a number of walking and jogging trails, three ponds, a swimming pool and sundeck, a fitness center, a community area with a designer kitchen and a conference room.
Each of the three assets were acquired in 2015, and the liquidity event, in aggregate, resulted in a total return to the investors of 287.71 percent, and an average annual return of 29.19 percent.
“Buyer demand was overwhelmingly positive for each of the three assets that comprised the Park Creek Steeple portfolio. I could not be more pleased with this program’s performance, which maintained a stable stream of income throughout the hold period, while producing nearly a 3x equity multiple to investors as a result of its liquidity event,” said Keith Lampi, president and chief operating officer of IPC.
Similar to many of IPC’s previous dispositions, this transaction provided liquidity to investors, while also providing investors with the option to utilize their sales proceeds to complete a subsequent tax-deferred exchange. To date, IPC has monetized approximately $1.5 billion in real estate in 2021 on behalf of its 1031 exchange platform.
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 $3.5 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.
About Inland Private Capital Corporation
Inland Private Capital Corporation (IPC), headquartered in Oak Brook, IL, is a privately held, industry-leading alternative investment management firm, with an investment focus spanning across a broad range of asset types. As of September 30, 2021, the firm had sponsored 279 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors. Many of IPC’s offerings have been designed for investors seeking replacement property to complete an IRS Section 1031 exchange. IPC is recognized as the largest provider of securitized 1031 exchange opportunities in the country, with assets under management (AUM) of more than $9 billion, which includes a diverse national footprint of properties, spanning 43 states across various sectors. Past performance is not indicative of future performance.