Inland Private Capital Corp. Sells Denver Portfolio for $109M
- Oct 12, 2021
Inland Private Capital Corp. has sold two multifamily projects in Fort Collins, Colo., for a combined $108.9 million. Miramont Apartments, located at 4900 Boardwalk Drive was sold for $57.3 million, and Pinecone Apartments, located at 2212 Vermont Drive was sold for $51.6 million.
Both communities are situated in Larimer County. Inland’s subsidiaries facilitated the sale on behalf of its IPC 1031 investment program, Ft. Collins Multifamily Portfolio DST.
Miramont Apartments comprises 15 three-story buildings and detached garages across 12 acres and was completed in 1995. The 210-unit property features one- and two-bedroom layouts. Inland purchased the project from Hamilton Zanze and Co. in March 2016 for $43 million, according to Yardi Matrix data. Property amenities include a sundeck, spa, heated swimming pool, community kitchen and dog park. All apartments are outfitted with washers and dryers and fireplaces.
Pinecone Apartments occupies 10.4 acres and consists of 195 units with one- and two-bedroom floorplans. The project includes a total of 13 buildings. Inland purchased the property from Hamilton Zanze and Co. for $40 million in 2016, according to Yardi Matrix data. Community amenities include a year-round spa, a dog park and agility course, a heated pool, and free book and movie rentals. All units feature a washer and dryer and a fireplace.
Inland completed value-add upgrades on both properties. At the time of sale, Miramont Apartments was 95.7 percent occupied, while Pinecone Apartments maintained 96.4 percent occupancy. Residents of both communities have access to retail, dining and entertainment options within 3 miles.
Denver’s multifamily market has solidified its position among other Western metros, with 21,581 units underway as of June, according to Yardi Matrix data. Most new projects are scheduled for completion by year-end. In 2020, the Denver-Aurora-Broomfield metro area benefited from a 0.9 percent increase in its population.