Fort Collins Sale Results in Total Return of 166.29%

Inland Private Capital Corporation (IPC) recently disposed of two multifamily properties, Miramont Apartments ($57.3 million) and Pinecone Apartments ($51.6 million), both located in Fort Collins, CO, for a total of $108.9 million. IPC, through its subsidiaries which serve as asset managers, facilitated the sale of the properties on behalf of Ft. Collins Multifamily Portfolio DST, one of IPC’s 1031 investment programs.

The buyer was undisclosed. The sale resulted in a total return to the investors of 166.29 percent (calculated based on the aggregate amount of original capital invested in the properties).

Miramont Apartments is a 210-unit property located at 4900 Boardwalk Dr. on 12 acres with 15 three-story residential buildings and detached garages. Pinecone Apartments is a 195-unit property located at 2212 Vermont Dr. on 11 acres with 13 three-story residential buildings and detached garages.

“These properties are ideally located in Fort Collins, one of the three fastest-growing metro areas in one of the nation’s fastest-growing states,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the properties in 2016, and through proactive asset management and value-add upgrades, the properties provided a substantial profit on sale, resulting in a 12.01 percent average annualized return to investors. The sale provided liquidity to investors, many of which have elected to utilize their sales proceeds to complete a subsequent tax-deferred exchange.”

As of the date of the sale, Miramont Apartments was 95.71 percent leased and Pinecone Apartments was 96.41 percent leased.