The Greens at Van de Water recently sold as part of a multi-family portfolio deal worth $206.5 million. Courtesy Inland Private Capital.

Loveland apartment communities sell for combined $126M

LOVELAND — Loveland apartment communities Greens at Van de Water and Lake Vista at Centerra were sold by an investment group this week for a combined $126 million.

Larimer County public records show the Greens at Van de Water, a 252-unit complex at 2900 Mountain Lion Drive, had a price tag of $51.1 million, about $203,000 per unit. Lake Vista, a 303-unit community at 2235 Rocky Mountain Ave., sold for $74.9 million, or about $247,000 per unit.

Both communities were built in 2011 and feature studios, one-, two- and three-bedroom units.

The seller was an affiliate of Illinois-based Inland Private Capital Corp. The company specializes in 1031 tax-deferred exchanges, which allow investors to defer capital gains on real estate so long as the gains are reinvested in the same kind of property.

“This transaction provides liquidity to more than 240 investors, which represents our industry’s progression toward institutional scale and asset quality, while also underscoring the importance of proactive asset management.”  Inland Private Capital Corp. president and chief operating officer Keith Lampi said in a prepared statement.

The buyers of the two Loveland apartment communities were BRIET MF Lake Vista LLC and BRIET MF The Greens LLC. Both entities are registered to a Chicago address associated with Blackstone Group-owned real estate firm EQ Office.

In addition to the two Loveland properties, the transaction between EQ and Inland Private Capital also included apartment complex Arbour Square at Orchard Town Center in Westminster. The total value of the portfolio sale was $206.5 million.

LOVELAND — Loveland apartment communities Greens at Van de Water and Lake Vista at Centerra were sold by an investment group this week for a combined $126 million.

Larimer County public records show the Greens at Van de Water, a 252-unit complex at 2900 Mountain Lion Drive, had a price tag of $51.1 million, about $203,000 per unit. Lake Vista, a 303-unit community at 2235 Rocky Mountain Ave., sold for $74.9 million, or about $247,000 per unit.

Both communities were built in 2011 and feature studios, one-, two- and three-bedroom units.

The seller was an affiliate of Illinois-based Inland Private Capital Corp. The company specializes in 1031 tax-deferred exchanges, which allow investors to defer capital gains on real estate so long as the gains are reinvested in the same kind of property.

“This transaction provides liquidity to more than 240 investors, which represents our industry’s progression toward institutional scale and asset quality, while also underscoring the importance of proactive asset management.”  Inland Private Capital Corp. president and chief operating officer Keith Lampi said in a prepared statement.

The buyers of the two Loveland apartment communities were BRIET MF Lake Vista LLC and BRIET MF The Greens LLC. Both entities are registered to a Chicago address associated with Blackstone Group-owned real estate firm EQ Office.

In addition to the two Loveland properties, the transaction between EQ and Inland Private Capital also included apartment complex Arbour Square at Orchard Town Center in Westminster.…