Inland Residential Begins to Execute Liquidity Plan with Sale of Illinois Property
Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, entered into an agreement to sell “The Commons at Town Center” an 85-unit multifamily community located in Vernon Hills, Illinois.
Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, entered into an agreement to sell “The Commons at Town Center” an 85-unit multifamily community located in Vernon Hills, Illinois for approximately $24.6 million.
The 105,442-square-foot apartment community is comprised of one-, two- and three-bedroom units. Community amenities include a trash chute and recycling on each floor, spacious storage lockers, security cameras in lobby and parking areas, professionally landscaped grounds and walkways, a hospitality room with lounge seating, fully equipped kitchen and dining area and terrace, heated indoor parking and a fitness center.
Prior to announcing plans to sell The Commons at Town Center, Inland approved a liquidity event for the company in September 2018. The firm’s board determined that the sale of the company’s assets and distribution of all net cash proceeds through a plan of liquidation was the best strategy to maximize stockholder value within a reasonable period of time.
Inland Residential Properties Trust’s $1 billion offering was declared effective in February 2015 and raised approximately $47 million in investor equity before closing at the end of 2017, according to Summit Investment Research. The company invests in multifamily properties located primarily in the top 100 U.S. metropolitan statistical areas and owns three assets purchased for approximately $104 million.
In February 2018, the REIT declared its first net asset value per share of $23.15 for Class A shares, $24.32 for Class T shares, and $23.55 for Class T-3. Shares were originally sold for $25.00.
