OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation (“IPCC”) today announced that the private investment offering of the San Antonio Multifamily II DST (the “San Antonio DST”), an IPCC-sponsored Delaware statutory trust, has been fully subscribed by investors. The San Antonio DST raised over $14.1 million in capital.
“This acquisition was an opportunity to expand our company’s multifamily presence in the San Antonio market,” said Keith Lampi, president and chief operating officer of IPCC. “San Antonio consistently ranks as a top market for job growth and is especially desirable among Millennials, the largest generation that is driving significant demand in the multifamily sector.”
The San Antonio DST owns the 300-unit Park at Walker’s Ranch, located at 14555 Blanco Road. The property is positioned approximately 2.5 miles northwest of the San Antonio International Airport and provides easy access to the area’s major employers and shopping and recreational opportunities.
Constructed in 1994, the multifamily residential property consists of 25 two-story, garden-style townhome apartment buildings and one clubhouse building with a leasing center and fitness center. The apartment buildings contain approximately 247,724 square feet of net leasable area, and the units feature nine-foot ceilings with crown molding, open floor plans, private patios or balconies and gourmet kitchens.
“This multifamily asset presented a unique opportunity to realize a value-add vision by implementing a renovation program to strengthen the property’s competitive position in the San Antonio market,” said Lampi. “Over the next three years, the San Antonio DST plans to complete unit improvements as well as enhance the common areas of the property.”
The San Antonio DST’s property is managed by Inland Residential Real Estate Services, LLC (“Inland Residential”), an affiliate of IPCC. Inland Residential currently manages 23 multifamily properties, with more than 5,500 apartment units, in seven states on behalf of IPCC, with a total aggregate value of approximately $1 billion. Inland Residential’s total portfolio under management includes 29 multifamily properties, with approximately 6,448 apartment units, in nine states.
About Inland Private Capital Corporation
Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital Corporation is a part of the Inland Real Estate Group of Companies, Inc., which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries. As of August 15, 2015, IPCC has sponsored 175 private placement programs. The 175 private placement programs include 433 properties, with over 23.91 million square feet of gross leasable area, for an aggregate offering price of more than $4.844 billion.
This communication is neither an offer to sell, nor a solicitation to buy any security sponsored by Inland Private Capital Corporation, which can be made only by the respective private placement memorandum and sold only by broker/dealers authorized to do so.