Inland Private Nets 152% Return with Florida Multifamily Property Sale
Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, sold Lost Creek Resorts at Lakewood Ranch Apartments in Bradenton, Florida near Sarasota for $50.5 million. An IPC subsidiary facilitated the sale on behalf of one of its 1031 investment programs.
Constructed in 2012, the approximately 300,000-square-foot property includes nine buildings with 92 one-bedroom, 124 two-bedroom and 56 three-bedroom units. The property was originally purchased in September 2012 for approximately $39 million and is 100 percent leased.
“Bradenton Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2012, and it provided consistent income and a substantial profit on sale, resulting in an 11.26 percent average annualized return to investors. Many have elected to reinvest their proceeds into other properties owned by IPC-sponsored programs.”
The sale resulted in a total return to the investors of 152.49 percent (calculated based on the aggregate amount of original capital invested in the property).
Inland Private Capital Corporation offers replacement properties for 1031 tax deferred exchanges, as well as opportunities for accredited investors who are seeking a real estate investment. As of March 31, 2017, IPCC had sponsored 204 private placement programs. The 204 private placement programs include 542 properties, comprised of over 32.95 million square feet of gross leasable area, and including 9,338 residential units, for an aggregate offering price of more than $6.55 billion.