LOUISVILLE, KY – Inland Private Capital Corporation announced the sale of the Hurstbourne Estates Apartments, a 270-unit multifamily community located in Louisville, Kentucky. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of Louisville Multifamily DST, one of its 1031 investment programs.

Located in the retail and business-filled Hurstbourne Corridor, the property was constructed in 2013 and consists of 17 apartment buildings and a clubhouse. The community features Class A amenities including a fitness center, yoga room, game room, business center, swimming pool and dog park.

“Louisville 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 bought the property in 2014, and it provided consistent income and a substantial profit on the sale, resulting in an 8.5 percent average annualized return to investors.”

As of the date of the sale, the property was 95.2 percent occupied.

The sale resulted in a total return to the investors of 140.7 percent (calculated based on the aggregate amount of original capital invested in the property).

Inland Private Capital offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital is a part of The Inland Real Estate Group of Companies, one of the nation’s largest commercial real estate and finance groups.

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ARLINGTON, VA – Bell Partners, one of the nation’s leading apartment investment and management companies, announced that it has bought Twenty400, a 217-unit apartment community in Arlington, Va., on behalf of its Fund VI investors. The property will be managed by Bell Partners and be renamed Bell Arlington Ridge.

Situated at a nexus of commuting corridors in the D.C. metro area, Bell Arlington Ridge is located within the Beltway directly adjacent to I-395, and is close to both the Pentagon City Metro Station and two Arlington Rapid Transit bus lines. Bell Arlington Ridge provides prime access to some of the largest and fastest-growing job hubs in the area with top employers in both the private and public sectors. The property is five minutes from the new Amazon headquarters in National Landing and the Pentagon, and is also close to major D.C. metro area employment hubs such as Mark Center and the Rosslyn-Ballston Corridor. 

“Arlington is quick becoming one of the most desirable places to live and work not just in the D.C. metro area, but in the country,” said Nickolay Bochilo, Executive Vice President of Investments, Bell Partners. “We have built a strong portfolio of communities in the D.C. metro area, and we are thrilled about this latest acquisition that builds on our position in such an vital market. Our plot is to make various physical and operational enhancements to the community, which should result in a high-quality living experience for the current and future residents.”

Built in 2010, Bell Arlington Ridge’s current amenities include a two-level fitness center, resort-style pool, parking garage, coffee bar, dog run, and onsite bike storage. Each unit includes spacious nine-foot ceilings, washers and dryers, granite countertops, and energy-efficient stainless-steel appliances. Select units also include wood-plank flooring, skylights, sunrooms, and private patios and balconies. 

Including Bell Arlington Ridge, Bell Partners currently owns three properties in Virginia and seven properties in the D.C., Maryland, and Virginia area. Overall, Bell Partners owns or operates 20 apartment communities in the D.C. metro area.

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TAMPA, FL – ResProp Management was selected to provide full-service property management for Seastone and River Rock Luxury Apartments. These neighboring properties are conveniently located between major highways I-275 and US-301, providing simple access to Downtown Tampa, the University of South Florida, local hospitals, and surrounding local attractions.

Combined, Seastone and River Rock represent 160 two and three-bedroom apartments that offer spacious layouts, fully-equipped kitchens, private balconies, and patios. Accompanied by ideal amenities that include resort-style swimming pools and outdoor grilling areas, both Seastone and River Rock are well loved locations for students and residents looking for location and comfort. 

With the recent addition of Seastone and River Rock Luxury Apartments into the portfolio, ResProp Management now manages more than 8,000 units across Florida. This latest addition was made possible through their partnership with Trinity Property Group. 

Jeffry Hirschoff, Principal and Director of Operations for Trinity Property Group says, “We transitioned management of five properties in the southeastern US to ResProp Management earlier this year, and started to see an immediate positive impact. Due to this, we made a choice to transfer an additional four properties to their leadership on June 1. Their professionalism in leasing and maintenance is exceptional, and the dedicated support our properties receive from all levels of management has been very well received.  Although the partnership is new, we are very impressed with the positive results we are seeing at the property level at all locations, and look forward to fantastic results with the four additional properties as well.”

Janice Richards, Senior Vice President of ResProp Management states, “We are excited to continue working with Trinity Property Group and expand our portfolio in the Tampa market. We look forward to being part of the transformation at these properties that we know will elevate the residents living experience.”

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