Inland Private Capital sells apartment property for $15M

OAK BROOK - Inland Private Capital Corp. said it has sold Kimball Station, a 59-unit apartment property with 6,118 square feet of ground-floor retail space, in Chicago for $15.24 million.

IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of Chicagoland Multifamily DST, one of its 1031 investment programs.

Located in the Albany Park neighborhood on Chicago's northwest side, the property consists of a five-story building constructed in 2009 and provides a mix of one-, two- and three-bedroom apartments.

As of the date of the sale, the property was 98.3 percent leased.

"Chicagoland 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 the sale, resulting in an 8.17 percent average annualized return to investors."