Inland Completes Full-Cycle Sale in Florida
- Aug 12, 2015
Naples, Fla. — Inland Private Capital Corp. has completed its $20.3 million disposition of Berkshire Reserve Townhomes, a 146-unit community in Naples, Fla. The asset was sold on behalf of one of IPCC’s 1031 investment programs, and investors should be happy with a total ROI of 144 percent, including revenue generated during the holding period. Internally, the sale resulted in a 22 percent rate of return.
“This investment was very successful, and marks IPCC’s first full-cycle deal on our company’s multifamily investment platform,” said Keith Lampi, president & chief operating officer of IPCC. “We purchased the property in August 2013, and it performed positively due to the property’s compelling location and demographic fundamentals. The result was a substantial return for our investors and an opportunity for them to invest a significant portion of the proceeds into other properties owned by different Inland-sponsored programs.”
The 189,800-square-foot residential complex encompasses 37 two-story apartment buildings, a clubhouse building with a swimming pool, a barbecue area and a children’s playground. The residential buildings contain a total of 146 townhome style, two-story units, each with three bedrooms and two and one-half bathrooms. Each 1,300-square-foot unit is equipped with energy-efficient appliances, a private patio, full-size washer and dryer and gourmet kitchen.
The property, which was built in 2000, is located approximately five miles northeast of the Naples central business district, in the Naples-Marco Island metropolitan area.