Inland Private Capital sold the pharmacy properties held by Zero Coupon Pharmacy III DST on July 14, 2022. The sponsor described that disposition, together with the sale of a second pharmacy portfolio closed at the same time, as the first full cycle among its zero cash flow programs, in its announcement of the sales. The two portfolios together sold for $80 million, as reported by the sponsor in that announcement.
Item | Detail |
|---|---|
Trust (marketing title on the filing) | Zero Coupon Pharmacy III DST |
Title in the sponsor's announcement | Pharmacy Portfolio III DST |
Sponsor | Inland Private Capital |
Asset class | Other Real Estate |
Structure | 506(b) |
Maximum offering amount | $4,871,587 |
Minimum investment | $25,000 |
Exit type | Property sold |
Hold period, first Form D to disposition | 8.7 years |
Average annual return | 16.37%, as reported by the sponsor in the announcement |
Two figures for total return are on the record, and they do not agree. The sponsor's announcement puts total return at 278.10%, as reported by the sponsor in that release. AltsWire's coverage of the same transaction is titled to 265% in total returns, as reported by the sponsor and carried in that account. Top1031 relies on the announcement, the document the sponsor published under its own name, and reports both. Nothing in the record reconciles the difference, and the announcement does not state the basis for either of its return figures.
The one date the public record fixes for the offering's start is the Form D filed October 22, 2013 under CIK 1587853. The hold period above runs from that filing to the July 2022 sale.
The result was reported beyond the sponsor's own channel: IREI carried the sales on July 18, 2022. What none of the accounts do is allocate the sale price between the two portfolios, name the tenants of the properties this Trust held, or show the distribution terms the offering documents originally stated.
This is the 42nd full-cycle event Top1031 has recorded for Inland Private Capital.