Inland Private Capital Corporation (IPC) has sold two multifamily communities—The Wyatt in Las Vegas and Vanguard Northlake Apartments in Charlotte, N.C., for $138.5 million. IPC, through its subsidiaries that serve as asset managers, facilitated the sale on behalf of National Multifamily Portfolio | DST, one of the firm’s 1031 investment programs.
The Wyatt was purchased by 3rd Ave Investments for $94.2 million and Vanguard Northlake Apartments was acquired by Covenant Capital Group for $44.3 million.
The sale provided IPC with the option to use the proceeds to complete a subsequent tax-deferred exchange. Combined, the sale of both properties secured a 203.7 percent return to investors.
“It was a great opportunity to capitalize on the overall strength of the rent growth and investor demand in Las Vegas,” Keith Lampi, president & chief operating officer of IPC, told Multi-Housing News.
Situated on 14 acres at 7017 S. Buffalo Drive in Las Vegas, The Wyatt was completed in 2015. The property features 308 one-, two- and three-bedroom units across 26 two-story residential buildings of frame construction. Residences feature in-unit washer-dryers, above-standard ceiling heights, high-speed Internet access, semi-private entry and outside storage. A pair of swimming pools with cabanas stands as one of the leading amenities of the property.
Completed in 2016 and spread across a dozen acres at 11010 Northlake Landing Drive, in the heart of Charlotte, Vanguard Northlake Apartments offers 204 one-, two- and three-bedroom apartments. The property features eight three-story residential buildings of frame construction. Features and finishes of residences include individual air conditioning, individual electric heat, electric charging stations, private balconies or patios and in some units, electric fireplaces. A clubhouse with fitness room represents one of the higher-profile amenities of the property.
At the time of sale, both The Wyatt and Vanguard Northlake Apartments were more than 94 percent occupied. Several weeks ago, IPC traded a 1031 portfolio for $206 million.