DENVER — Inland Private Capital Corp. (IPC) has completed the sale of two multifamily properties in Denver, Ascent Uptown and Emerson Lofts, for $21.8 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 St., the three-story Ascent Uptown features 22 residential units. The property also has 4,988 square feet of retail space, currently leased to coffeeshop/bakery Olive & Finch and Patxi’s Pizza. The property was constructed in 2013.
Also constructed in 2013, Emerson Lofts offers 42 multifamily units and 42 basement garage parking spaces. The property is located at 777 Emerson St.
At the time of sale, Ascent Uptown was fully leased and Emerson Lofts was 97.6 percent leased.