Inland Private Capital Corp. has sold Kimball Station, a 59-unit apartment property in Chicago with 6,118 square feet of ground-floor retail space. Oak Brook-based IPC, through its subsidiary which serves as asset manager, facilitated the $15.24 million sale of the property on behalf of Chicagoland Multifamily DST, one of its 1031 investment programs.
Located in the growing Albany Park neighborhood on Chicago’s northwest side, the property consists of a five-story building constructed in 2009 and provides a mix of one-, two- and three-bedroom apartments with upscale contemporary finishes. It is located directly across from the Brown Line Commuter Rail Station, which serves more than 1.3 million passengers per year, and eight miles north of Chicago’s Central Business District.
“Chicagoland Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” IPC President and COO Keith Lampi said in a statement. “We purchased the property in 2012, and it provided consistent income and a substantial profit on the sale, resulting in an 8.17 percent average annualized return to investors.”
As of the date of the sale, the property was 98.3 percent leased.
The sale resulted in a total return to the investors of 157.12 percent (calculated based on the aggregate amount of original capital invested in the property).
As of March 31, IPC had sponsored 237 private placement programs with 644 total properties, including over 19,000 residential units. As of June 30, IPC had sold more than $770 million in assets within the residential sector, including both multifamily and student housing properties.
