Illinois investor gets $61M for FoCo multifamily complex

FORT COLLINS — An affiliate of Inland Private Capital Corp. sold The Preserve at the Meadows for $61 million.

IPC’s affiliate is an asset manager for the firm. It sold the property for Ft. Collins Multifamily III DST, one of IPC’s 1031 investment programs, its press release said. The release said the deal brought a total return of 167%, based on original capital invested, and an average annualized return of 13%.

IPC investing often involves tax-oriented private placements and Opportunity Zone investing on deals with multiple owners. It has $9 billion in assets under management across property types in 43 states.

The buyer…