Kimball Station
Multifamily (apartment with ground-floor retail) property — sponsored by Inland Private Capital
Files with the SEC as Chicagoland Multifamily DST
Minimum investment
$25k
Offering size
$7.8M
How much has sold
100.0%
Asset type
Multifamily (apartment with ground-floor retail) property
Location
Not stated
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Chicagoland Multifamily DST was a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — that Inland Private Capital formed to own Kimball Station, an apartment building with ground-floor retail at 4730 N. Kimball Ave. in Chicago's Albany Park.1 It is closed to new investors: Inland reported selling the property for $15.24 million on September 3, 2019.2
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Kimball Station began as a condominium project in Chicago's Albany Park neighborhood and was converted to one-, two- and three-bedroom rental apartments in 2009, with commercial space at street level and underground parking.1 An Inland Real Estate Group unit paid $11.8 million for the building at 4730 N. Kimball Ave. in April 2012, five months before the Trust's first Form D notice.1 Crain's reported every apartment leased at that time, with under half the commercial space occupied.1
- Property size
- 59 units; 6,118 square feet of ground-floor retail
Who is the tenant, and what's the lease?
Income came from resident apartment leases plus street-level retail rather than a single corporate tenant, so no one lease governs the Trust. Public filings and press releases do not name the retail tenants; Inland reported the property 98.3 percent leased at its September 3, 2019 sale.2
How did it end?
Sold after 6.9 years; sponsor reported 157% total return
Listed as a completed/full-cycle program on Inland Private Capital's published track record.
Kimball Station is a 59-unit apartment/multifamily property with 6,118 square feet of ground-floor retail; Inland reported a 2019 sale on behalf of Chicagoland Multifamily DST.
59 units; 6,118 square feet of ground-floor retail157.1%Total return · as reported by the sponsor
8.2%Annualized return · as reported by the sponsor
$15,240,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
Neither the Form D record nor Inland's sale announcement states whether the Trust carried mortgage debt, and no lender, loan amount, or maturity date appears in the public record for this Trust.
Who's behind it?
Inland Private Capital, based in Oak Brook, Illinois, sponsors 1031 exchange programs; the Form D names it alongside Chicagoland Multifamily, L.L.C. and Chicagoland Multifamily Exchange, L.L.C. as promoters.3 On September 3, 2019 it announced that its asset-management subsidiary had facilitated the property's $15.24 million sale, and reported an 8.17 percent average annualized return and a 157.12 percent total return to investors, calculated on original capital invested.2
- Sponsor
- Inland Private Capital
- Legal Trust name
- Chicagoland Multifamily DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 79 total offerings from Inland Private Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Form D — the brief SEC notice used for private placements exempt from registration — is the Trust's only public filing type, first lodged in 2012 and amended through 2013 until the offering was fully subscribed. Interests were sold under Rule 506(b), which bars general advertising and limits buyers to accredited investors.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 7
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Kimball Station?
Top1031 lists Kimball Station as historical. It is no longer raising money.
Where does Top1031 get the data for Kimball Station?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in Chicagoland Multifamily DST?
No. The Trust is closed to new investors. Its final Form D amendment reported the offering fully subscribed, and the underlying property was sold in September 2019, so there are no interests to acquire in a 1031 exchange today.
What happened to the property?
Inland announced on September 3, 2019 that its asset-management subsidiary facilitated the sale of Kimball Station, at 4730 N. Kimball Ave. in Chicago, for $15.24 million on behalf of Chicagoland Multifamily DST. Inland reported the property was 98.3 percent leased at the sale.
Did investors receive a reported result?
Yes. In its September 3, 2019 announcement, Inland reported an 8.17 percent average annualized return and a 157.12 percent total return to investors, calculated on original capital invested. Those figures are the sponsor's own completed-sale reporting; no independent verification was located.
Was the Trust leveraged?
The public record does not say. Form D filings do not report debt, and Inland's sale release names no lender or loan. Any mortgage, its balance, and its terms would be described in the private placement memorandum and closing documents.
What kind of property was it?
An apartment building with ground-floor retail in Chicago's Albany Park neighborhood. Crain's reported it was built as a condominium project, converted to one-, two- and three-bedroom rentals in 2009, and included commercial space and underground parking.
How was the offering sold?
Under Rule 506(b) of Regulation D, which permits a private placement without general solicitation or advertising and, in practice for this type of program, limits purchasers to accredited investors who meet SEC income or net-worth tests.
Chapter 9Inland Private Capital Corporation Completes Sale of 59-Unit Chicago Multifamily Property for $15.24 MillionInland reported the sale of Kimball Station on behalf of Chicagoland Multifamily DST for $15.24 million.