Inland Residential Buys Alabama Multifamily Property for $36.6 Million
Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, purchased Verandas at Mitylene, a 332-unit multifamily property in Montgomery, Alabama for $36.6 million, plus closing costs, according to a filing with the Securities and Exchange Commission.
Built in 2007, Verandas at Mitylene is a 377,000-square-foot property comprised of one-, two- and three-bedroom units that each include stainless steel appliances, a washer and dryer, patio or balcony, walk-in closet, and fireplace. Property amenities include a swimming pool and hot tub, car care center, tanning bed, and a 24-hour fitness center.
The acquisition was funded with offering proceeds and a $21.9 million loan from Berkadia Commercial Mortgage LLC that bears interest at a fixed rate of 3.88 percent per year and matures on August 1, 2027.
As of June 30, 2017, Verandas at Mitylene was 91 percent occupied, and the company does not intend to make significant renovations or improvements in the foreseeable future.
Inland Residential Properties Trust was declared effective in February 2015 and invests in multifamily properties located primarily in the top 100 U.S. metropolitan statistical areas. The company owns three multifamily properties totaling $104.8 million and has raised approximately $44.4 million in investor equity since inception.
