Inland Private Capital Corp. Trades 1031 Portfolio for $206M - Multi-Housing News

Enclave at Charles Pond. Image courtesy of Inland Private Capital Corp.

Inland Private Capital Corp. has closed the buying round of its FL-NY Multifamily Portfolio DST encompassing three communities totaling 796 units in Coram, N.Y.; Lithia, Fla.; and Bradenton, Fla. The disposition of the three properties within the 1031 investment program brought $206.4 million to the company.

The sale of the trio of assets resulted in Inland Private Capital Corp. delivering a 219 percent total return for the investors of the program.

FL-NY Multifamily Portfolio DST included:

• The 200-unit Enclave at Charles Pond in Coram
• Circa at Fishhawk Ranch in Lithia totaling 260 units
• The largest of the three, the 336-unit Sawgrass Cove in Bradenton

Circa at Fishhawk. Image courtesy of Inland Private Capital Corp.

Inland Private Capital Corp. acquired the properties in 2016 for a combined $132.3 million from three different sellers, public records show. In turn, the company sold Enclave at Charles Pond for $74 million along with Sawgrass Cove for $66.2 million. General Services Corp. acquired the latter, according to Manatee County records. Newmark provided a 10-year $45.6 million Fannie Mae-backed loan for the purchase.

Meanwhile, GMF Capital paid $66.3 million for Circa at Fishhawk Ranch, Yardi Matrix data shows. The buyer funded the purchase with a $53 million acquisition loan originated by Sound Point Capital Management.

Recently, Inland also closed the disposition of two multifamily properties in Fort Collins, Colo. The communities totaling more than 400 units sold for nearly $109 million.

The communities

Sawgrass Cove. Image courtesy of Inland Private Capital Corp.

Enclave at Charles Pond sits on more than 22 acres at 1 Charles Pond Drive in Coram. The 2008-built property features one- and two-bedroom apartments across two- and three-story garden-style buildings. Enclave at Charles Pond provides floorplans between 723 and 1,399 square feet.

Located at 5881 Spector Road in Lithia, Circa at Fishhawk Ranch was completed in 2015. The community includes studios along with one-, two- and three-bedroom units across 13 buildings with floorplans averaging 1,045 square feet.

Built in 1991, Sawgrass Cove stretches across 28 acres at 4801 47th Ave. W. in Bradenton. The property provides one- to three-bedroom apartments with configurations between 712 and 1,320 square feet.

Community amenities for the trio include fitness centers, clubhouses and swimming pools, while some properties also offer a billiards room, a pet spa, a tennis court, a nature trail along with dog parks.

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Inland Private Capital Corp. Trades 1031 Portfolio for $206M - Multi-Housing News
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