A Washington-based investor has purchased the 42-unit Emerson Lofts and the 22-unit mixed-use Ascent Uptown in Denver for $21.9 million. Through its subsidiary that serves as asset manager, Inland Private Capital Corp. facilitated the transaction on behalf of one of its 1031 investment programs—Denver Multifamily Portfolio DST.
According to Denver County records, the new owner took out an $8 million loan for Emerson Lofts and $5.7 million for Ascent Uptown from HomeStreet Bank. Both loans mature in 2034. The sale resulted in a total return on investors of 131.4 percent.
Emerson Lofts is situated at 777 Emerson St., in the Governor’s Park/Capitol Hill neighborhood and consists of one-, two- and three-bedroom apartments. The property provides easy access to public transport and is surrounded by plenty of restaurants and parks. At the time of sale, the asset was 97.6 occupied.
Located at 1691 Franklin St., Ascent Uptown includes almost 5,000 square feet of retail space in a three-story building. The fully leased community comprises studios and one-bedroom units and is close to several dining venues. The properties are less than 1.5 miles of each other.
“We purchased the properties in 2015 and they provided consistent income and a substantial profit on sale, resulting in an 8.7 percent average annualized return to investors,” said Keith Lampi, president & chief operating officer of Inland Private Capital Corp., in a prepared statement.
This month, Inland Private Capital was involved in another deal. The company sold a 370-unit property in Pearland, Texas.
Images courtesy of Inland Private Capital Corp.