Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the sale of two multifamily communities in Las Vegas, Nevada and Charlotte, North Carolina. IPC, through its subsidiaries which serve as asset managers, facilitated the sale of the properties on behalf of National Multifamily Portfolio I DST, one of IPC’s 1031 investment programs.
The Las Vegas property sold for $94.2 million and resulted in a total return to investors of 218.96 percent, while the Charlotte property sold for $44.25 million resulting in a total return of 176.67 percent. Combined, the $138.45 million sale of both properties secured a 203.73 percent return to investors (calculations are based on the aggregate amount of original capital invested in the properties).
Located at 7017 South Buffalo Drive in Las Vegas, The Wyatt sits on more than 14 acres of land and is comprised of 308 one, two- and three-bedroom units throughout 26 residential buildings. In addition to expansive living areas and high-end finishes, the Las Vegas community features a number of sophisticated amenities including two swimming pools with cabanas, a media room, fitness center, gated parking and electric vehicle charging stations, a playground, grilling area and dog park.
Vanguard Northlake Apartments, at 11010 Northlake Landing Drive in Charlotte, consists of approximately 12 acres of land and 204 one, two- and three-bedroom units across eight residential properties. Located in the heart of Charlotte, the rental community boasts luxury amenities including a swimming pool with a recessed sundeck, a clubhouse and fitness room, a business center and entertainment kitchen, fireside lounge and dog park.
As of the date of the sale, both The Wyatt and Vanguard Northlake Apartments were over 94 percent occupied.
“Las Vegas and Charlotte are two very sought-after markets and provided IPC investors with the opportunity to capitalize on migration, employment and rent growth,” said Keith Lampi, president and chief operating officer of IPC. We purchased the properties in 2016, and through proactive asset management and value-add renovations, these two properties provided a substantial profit on sale, resulting in a 19.91% percent average annualized return to investors.”
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 $1.4 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 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.