Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, has paid shareholders an initial liquidating distribution of approximately $4.53 per share funded from last month’s sale of The Commons at Town Center, an 85-unit multifamily property located in Vernon Hills, Illinois. The sale price was approximately $24.6 million.
Shareholders of Class A common stock as of the close of business on January 25, 2019 are eligible to receive the distribution. According to the company, all outstanding shares of Class T and Class T-3 common stock were converted to Class A shares on January 23rd.
As previously reported, Inland Residential received net proceeds from the property sale of approximately $9.9 million, net of closing costs, commissions, and certain prorations and adjustments, and the full repayment of $13.8 million in mortgage debt that encumbered the property.
Shareholders recently approved the company’s plan of liquidation, which includes selling the company’s assets, distributing the net cash to shareholders, and dissolving the company.
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.