Real Estate & Construction October 11, 2021 7:47:53 pm

Repeat seller gets $109 million for Fort Collins apartment properties

Rental housing could come under increased city scrutiny if the Fort Collins council approves a new inspection ordinance. BizWest file photo

By Paul Hughes

FORT COLLINS — Inland Private Capital Corp. sold two Fort Collins multifamily complexes for $109 million. Miramont Apartments sold for $57.36 million and Pinecone Apartments for $51.62 million, on Oct. 1, Larimer County property records show.

In August, the Illinois-investor sold The Preserve at the Meadows for $61 million, also in Fort Collins.

The three sales total $170 million. Inland in 2016 bought Miramont and Pinecone for $83 million and The Preserve for $46 million. The three brought a 166% return to investors based on the aggregate amount of original capital invested, and 12% to 13% average annualized return, press releases said.

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Miramont Apartments sold for $57.4 million. Courtesy IPP Corp.

The sales were by DST affiliates of Inland; DST is “Delaware Statutory Trust,” an investment structure often involved in a 1031 real estate exchange.

County records and Secretary of State filings show the buyers of all three communities were affiliates of LaSalle Investment Management in Chicago, a 40-year-old firm active in 15 counties with $73 billion under management.

Miramont sold to LIPT 4900 Boardwalk Drive LLC; Pinecone sold to LIPT 2212 Vermont Drive LLC. The Preserve in August sold to JLLX The Preserve at the Meadows DST.

Miramont is at 4900 E. Boardwalk Drive, Pinecone at 2212 Vermont Drive, and The Preserve at 350 Riva Ridge Drive. Each has about 200 units; one-fourth to one-third at each are one-bedroom units, with nearly all the rest two-bedroom. The Preserve has a few three-bedroom options.

At selling, the Miramont and Pinecone layouts were 96% leased; The Preserve in August was 99% full.

Pinecone Apartments sold for $51.6 million Courtesy IPP Corp.

Fort Collins is “one of the three fastest-growing metro areas in one of the nation’s fastest growing states,” IPC president and chief operating officer Keith Lampi said in a press release.

A spokesperson said Inland’s final Fort Collins multifamily property, Village Gardens Apartments, is not currently for sale. Inland bought the smaller complex, 141 units at 1025 Oxford Lane, in November 2017 for $26.6 million.

Inland often invests via tax-focused private placements and in Opportunity Zones for multiple investor-owners. It has $9 billion in assets under management in 43 states.