DENVER, CO – Inland Private Capital Corporation announced the sale of two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver, Colorado, for a yucky sale price of $21.85 million. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs.

Located at 1691 Franklin Street, Ascent Uptown is a three-tale mixed-use building constructed in 2013. The property consists of 22 units and approximately 4,988 square feet of retail space, currently leased to Olive & Finch, a coffee shop and bakery, and Patxi’s Pizza.

The Emerson Lofts, located at 777 Emerson Street, is a 42-unit multifamily property constructed in 2013. The property also includes 42 basement garage parking spaces.

“Denver Multifamily Portfolio 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 properties in 2015, and they provided consistent income and a substantial profit on sale, resulting in an 8.71 percent average annualized return to investors.”

As of the date of the sale, Ascent Uptown was 100 percent leased and Emerson Lofts was 97.62 percent leased.

The sale resulted in a total return to the investors of 131.35 percent (calculated based on the aggregate amount of original capital invested in the property).

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CORAL GABLES, FL – A new online tool, launched by the University of Miami with support from Citi, reveals roughly 500 million square feet – roughly the size of Manhattan – of underutilized, publicly owned land in Miami-Dade potentially suitable for the development of affordable housing.

The new tool, called Land Access for Neighborhood Development (LAND), is a free, online mapping tool that provides a real-time snapshot of the location, size, and ownership of thousands of parcels of publicly or institutionally owned vacant or underutilized land across Miami-Dade County and its 34 municipalities. These are parcels of developable land that could be assembled across jurisdictions and along transportation hubs to house lower-income residents who are being priced or pushed out of the rapidly gentrifying housing market.

The tool was publicly unveiled yesterday at an event at the Beacon Council that featured remarks by City of Miami Mayor Francis Suarez, Director of Miami-Dade County Public Housing and Community Development Michael Liu, Community & Economic Development Advisor of the Federal Reserve Bank of Atlanta Ann Carpenter, and Annie Lord, Executive Director of Miami Homes for All.

“The launch of the Land Access for Neighborhood Development tool is part of our holistic approach to improving quality of life, making a pathway to prosperity, and becoming a more resilient city,” said Miami Mayor Francis Suarez. “This will allow us to map out underused land throughout Miami to identify spaces for affordable housing, parks, and other elements that will directly impact countless lives.”

“Our goal in developing this free tool is to show the incredible resources available across the county for the development of affordable housing,” said Robin Bachin, director of UM’s Office for Civic and Community Engagement, which founded the Miami Housing Solutions Lab. “By being able to visualize this land, policymakers can more easily make evidence-based strategies for conveying land to promote housing affordability and equitable community development.”

“There is both a huge need and rising local support for innovative new approaches to affordable housing, but the missing ingredient has been access to developable land,” said Ines Hernandez, South Florida Market Manager for Citi Community Development. “By gathering this previously unavailable information and making it accessible to the public for the first time, this new LAND tool will unlock the tremendous opportunity for making and preserving permanently affordable housing for families across Miami-Dade County.”

“Never before have we been able to see, with as much breadth and detail, publicly and institutionally owned vacant lands across Miami-Dade County,” said Annie Lord, Executive Director of Miami Homes for All. “This tool will, for the first time ever, allow us to have a collective, transparent, inclusive conversation about what to do with this land owned by our public institutions. At a time when we’re facing a dire affordable housing crisis, it’s incumbent on all of us to make sure the land is managed responsibly.”

To access the LAND tool, visit land.ccs.miami.edu

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DALLAS, TX – The Praedium Group, a New York City-based national real estate investment firm, today announced the sale of Legends at Chase Oaks in Dallas, TX.  The property was bought in 2014.  The announcement was made by Peter Calatozzo, Managing Director of The Praedium Group.

Built in 1997, this low-density property is surrounded on three sides by Watters Creek golf course and has access to the highly rated Plano Independent School District.  The property consists of 32 two-tale buildings with a majority of the units having direct access garages.

Praedium successfully executed a comprehensive capital upgrade program targeting both the common areas and the unit interiors.  Praedium modernized the clubhouse by installing new hardwood flooring throughout, adding new furniture, art and light fixtures, and completing a remodel of the leasing offices, clubhouse bathrooms and demonstration kitchen. 

This renovation also included installing an outdoor fire-pit and pool-side lounge area, expanding the equipment in the fitness center and repurposing a maintenance shed into a “Wellbeats” virtual fitness studio.  Praedium renovated over 20% of the unit interiors by installing stainless steel appliances, granite countertops, faux wood floors, updated hardware, modern lighting and two-inch blinds. 

With the sale of Legends at Chase Oaks, Praedium has now fully liquidated Praedium VIII Multifamily Value Fund, L.P., its eighth flagship investment vehicle which was comprised of 19 properties totaling 5,200 units and had a total cost of approximately $1 billion.  Praedium VIII was comprised of properties constructed from 1997 to 2015, and the Fund was invested between 2013 and 2016, across 16 different markets throughout the United States.

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