Inland Fully Subscribes $72M Glendale BTR DST
Inland Private Capital Corporation (IPC) announced it has fully subscribed a more than $72 million capital raise for the private investment offering of Glendale BTR DST.
The DST owns the Onyx at Westgate, a newly developed, Class A, build-to-rent (BTR) single-family rental community in Glendale, AZ. The property is on 17 acres and consists of 58 one-bedroom duplexes, 85 two-bedroom detached homes and 47 three-bedroom bungalows.
“We continue to see significant opportunity in the BTR space, especially in Arizona due to the state’s migration and demographic trends that support the need for more multifamily housing,” said Nati Kiferbaum, SVP – head of investment product strategy for IPC.
IPC’s current BTR portfolio includes over $1.19 billion in assets under management. The portfolio consists of 18 properties in Alabama (1), Arizona (13), Colorado (1), and Florida (3), totaling 3,671 units. As of June 30, 2024, IPC’s multifamily portfolio, which includes BTR assets, totaled more over $4.6 billion.
“As the millennial and baby boomer generational cohorts are driving changing consumer preferences and grappling with waning home affordability and shortage in housing stock, we believe we are in the early innings of growth in single-family rental demand, which should benefit BTR sector performance in the years to come,” added Kiferbaum.
IPC, headquartered in Oak Brook, IL, has a significant multifamily presence in Arizona, managing 13 BTR properties totaling 2,686 units, including the Onyx at Westgate.
Last month, IPC completed a capital raise of more than $54 million for the private investment offering of Fort Myers BTR DST, which owns the Odyssey on Soltura, a new Class A, BTR single-family rental community in Fort Myers, FL.
IPC offers multiple-owner, tax-focused, private placement investments including Qualified Opportunity Zone investments throughout the U.S. Since inception, IPC has monetized more than $4.7 billion in full-cycle transactions on behalf of its investors. Currently, IPC manages a portfolio of over $12.3 billion across several asset classes spanning 43 states.
