Inland Private Capital sells Florida apartments for $50.5M

OAK BROOK - Inland Private Capital Corp. said it as sold Lost Creek Resorts at Lakewood Ranch Apartments in Bradenton, Florida, for a gross sale price of $50.5 million.

Inland Private Capital, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.

Located on 23 acres near area beaches and Anna Maria Island, the approximately 300,000-square-foot apartment property was built in 2012 and includes nine buildings with 92 one-bedroom, 124 two-bedroom and 56 three-bedroom units.

"Bradenton 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 property in 2012, and it provided consistent income and a substantial profit on sale, resulting in an 11.26% average annualized return to investors. Many have elected to reinvest their proceeds into other properties owned by IPC-sponsored programs."

As of May 31, the property was 100 percent leased.