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Inland Private Capital Trades Albany Park Rentals After 7-Year Hold
Inland Private Capital Corporation (IPC) completed the $15.24-million sale of Kimball Station, a 59-unit apartment property with 6,118 square feet of ground-floor retail in Albany Park. IPC facilitated the sale of the property to an undisclosed buyer on behalf of Chicagoland Multifamily DST, one of its 1031 investment programs.
“Chicagoland Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, IPC’s president and COO. “We purchased the property in 2012, and it provided consistent income and a substantial profit on the sale, resulting in an 8.17% average annualized return to investors.” Total return to investors was 157.12%, IPC says.
The five-story Kimball Station was constructed in 2009. It’s directly across from the Chicago Transit Authority’s Brown Line Commuter Rail Station, which serves more than 1.3 million passengers annually. It was 98.3% leased at the time of the sale.
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