Chicago multifamily investor continues Colorado selling

AURORA — Inland Private Capital Corp. sold the 480-unit Conifer Creek Apartments at 2205 South Racine Way in Aurora. The community has 53 buildings and is 97% leased.

A press release said the sale was through one IPC’s 1031 investment programs, Denver MSA Multifamily II DST. A deed filed with the Arapahoe County Clerk and Recorder showed GPRW Conifer LLC bought Conifer Creek on October 26 for $127 million. The release said the price was a 143% return to investors, based on total cash invested.

GPRW shares an address with Grand Peaks Properties in Denver, which owns 34 apartment communities in seven states. It has eight in Colorado in Denver, Englewood, Aurora, Westminster and Louisville.

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Inland bought Conifer Creek in 2017 and renovated it in 2019. The investor, which often pools investor money for tax-benefit-focused buying, has sold three Fort Collins apartment complexes for a combined $170 million since August.

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