Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the sale of the 480-unit Conifer Creek Apartments in Aurora, Colorado. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of Denver MSA Multifamily II DST, a Delaware statutory trust, one of IPC’s 1031 investment programs.
The sale resulted in a total return to the investors of 143.06 percent (calculated based on the aggregate amount of original capital invested in the property).
Located at 2205 South Racine Way, Conifer Creek Apartments consists of a mix of townhomes and condominium-style units spread throughout 53 rental buildings with tuck-under garages in every building. IPC conducted value-add renovations in May 2019, updating units with new appliances, countertops, hardware, lights and fixtures, flooring, backsplash and refaced cabinets.
“Conifer Creek Apartments is ideally located in Aurora, the third most populous city in one of the nation’s fastest growing states,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2017, and through proactive asset management and value-add upgrades, the property provided a substantial profit on sale, resulting in a 9.90 percent average annualized return to investors.”
As of the date of the sale, Conifer Creek Apartments was 96.87 percent leased. The property was marketed for sale by Dave Martin with NorthMarq.
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 nearly $1.2 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 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 June 30, 2021, the firm had sponsored 273 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.