OAK BROOK -- Inland Private Capital Corp. announced the sale of two multifamily properties located in Texas for a gross sale price of $86 million.
IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of one of its 1031 investment programs.
Constructed in 2009, Mustang Park Apartments is a 289-unit multifamily property located at 4645 Plano Parkway in Carrollton, Texas. The property is comprised of 12 three-story buildings with 182 one-bedroom, 98 two-bedroom and nine three-bedroom units. Community amenities include a clubhouse, fitness center, business center and swimming pool.
Located at 6400 Windcrest Drive in Plano, Texas, Domaine Apartments is situated on approximately 28 acres of land and consists of 29 buildings with 122 one-bedroom, 112 two-bedroom and 36 three-bedroom units. Community amenities include a clubhouse, business center, tanning room, fitness center and swimming pool.
The sale resulted in a total return to the investors of 125.65 percent (calculated based on the aggregate amount of original capital invested in the property).
"The Dallas MSA Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC's investors," said Keith Lampi, president and chief operating officer of IPC. "We purchased the properties in 2013, and they provided stable cash flow during the hold period and a profit on sale which are both key objectives of IPC sponsored programs."