Preserve at Meadows Sale Nets 167% Return

Inland Private Capital Corporation (IPC) recently sold The Preserve at the Meadows, a 220-unit multifamily property located at 350 Riva Ridge Dr. in Fort Collins, CO. The $61.013 million sale resulted in a total return to the investors of 167.45 percent (calculated based on the aggregate amount of original capital invested in the property).

IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of Ft. Collins Multifamily III DST, one of IPC’s 1031 investment programs. JLL Income Property Trust acquired the garden-style apartment community.

Constructed in 2002, The Preserve at the Meadows is located on more than 12 acres with 10 three-story residential buildings, a clubhouse and 11 detached garage buildings. As of the close of sale, The Preserve was 99 percent leased.

“Situated in the heart of the rapidly growing Fort Collins market, The Preserve at the Meadows provided IPC investors an opportunity to capitalize on the market’s robust growth and increased investor demand that has occurred over the past several years,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in July 2016, and through proactive asset management and value-add renovations, the property provided a substantial profit on sale, resulting in a 13.17 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.”