OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation (“IPC”) today announced the sale of Lost Creek Resorts at Lakewood Ranch Apartments located in Bradenton, Florida, for a gross sale price of $50.5 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
Situated on 23 acres with close proximity to the area beaches and Anna Maria Island, the property is located at 11140 Lost Creek Terrace Lakewood Ranch in Bradenton, Florida, approximately 13 miles northwest of Sarasota.
Constructed in 2012, the approximately 300,000-square-foot apartment property includes nine buildings with 92 one-bedroom, 124 two-bedroom and 56 three-bedroom units.
“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% average annualized return to investors. Many have elected to reinvest their proceeds into other properties owned by IPC-sponsored programs.”
As of May 31, 2017, the property was 100 percent leased.
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).
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 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.