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Inland Closes Purchase of Multifamily Property in Arizona

Inland Closes Purchase of Multifamily Property in Arizona. Alternative investments, DST, Delaware statutory trust, real estate investment trust, REIT, opportunity zone fund, Arizona, Onyx, Cosenza, multifamily

Inland Real Estate Acquisitions LLC, the purchasing arm for various Inland-sponsored programs including Delaware statutory trust investments, opportunity zone funds and non-traded real estate investment trusts, negotiated and closed the purchase of a 190-unit luxury build-to-rent style multifamily property located in Glendale, Ariz.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions LLC, with assistance from David Neboyskey, vice president and associate counsel of The Inland Real Estate Group LLC, Law Department, completed the deal on behalf of an Inland affiliate.

Due to regulations and the status of the offering, the purchase price could not be disclosed.

The property, renamed Onyx at Westgate, was developed in 2022 and consists of 58 one-bedroom, 85 two-bedroom, and 47 three-bedroom one-story bungalows. Each unit features upscale amenities including a gourmet kitchen, oversized windows, 10-foot ceilings, wood plank luxury vinyl tile flooring, high-end finishes, and a smart home technology package.

Onyx at Westgate also offers a variety of community amenities including a resort-style pool and spa, outdoor firepits, community lawn area, state-of-the-art fitness center, dog park, clubhouse, covered parking and optional garages for residents. The property is ideally located, according to Inland, adjacent to the Glendale Sports and Entertainment District, Desert Diamond Casino, Peoria Crossings, Park West and Glendale Crossings shopping centers, St. Joseph’s Westgate Medical Center, and two miles from the soon-to-be completed VAI Resort.

“This bungalow-style, build-to-rent property is an optimal living destination for those seeking a hassle-free home that offers high-quality amenities,” said Cosenza. “With seamless access to a plethora of shopping, dining and entertainment options in the nearby area, this community’s desirable location in Glendale, combined with luxury resort-style finishes, make this the type of multifamily property we continue to seek for acquisition.”

The property was 92 percent occupied at closing.

Since inception, Inland Acquisitions has facilitated more than $55 billion of purchases including multifamily, single-tenant properties, self-storage, student housing, medical office buildings and retail properties.

Inland Real Estate Acquisitions LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts, and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies Inc.

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