Inland Private Capital Corp. has chalked up another successful Colorado deal, selling a two-property, 359-unit multifamily portfolio in the Denver area for a total price of $72.5 million on behalf of one of its Section 1031 investment programs.
IPC picked up both properties from different sellers in December 2015 and facilitated the sale through its asset management subsidiary. The communities in the Colorado Multifamily Portfolio II DST include Maple Leaf Apartments in Arvada, Colo., and Country Club West Apartments in Greeley, Colo.
READ MORE: Colorado Portfolio Sells for $207M
IPC indicated in a statement that the company achieved a substantial profit on the sale, generating a 13.9 percent average annualized return to investors. Based on the aggregate amount of original capital invested in the assets, the transaction brought a total return of about 155.8 percent.
Selling north of Denver
Country Club West Apartments is situated at 1001 50th Ave., about 48 miles north of downtown Denver. The property was 93 percent leased across 288 one- and two-bedroom units at the time of the sale. IPC sold the property for $53.8 million, Multi-Housing News has learned. According to Yardi Matrix, IPC originally acquired the asset from Vintage Corp. for $36 million.
Built in 1986, the 18-building community sits on a 21.4-acre site. The community, which is close to Interstate 25, offers 226,080 leasable square feet in addition to a clubhouse with business center, swimming pool, heated spa, fitness room and playground.
The other property, Maple Leaf Apartments, is located at 7010 Simms St., about 10 miles northwest of Denver. The community provides 71 one- and two-bedroom units and was 94.4 percent leased. IPC sold the property for $18.7 million after snapping it up from Real Capital Solutions for $17.3 million.
Completed in 2014, the property has 85,415 leasable square feet. Apartments feature 10-foot ceilings, fireplaces and an attached or detached garage in addition to outdoor parking.
IPC has completed 23 full-cycle dispositions so far in 2019, with an aggregate sale price of $804 million. In March, the company sold the 42-unit Emerson Lofts and 22-unit Ascent Uptown in Denver for $21.9 million.