Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, acquired The Commons at Town Center, an 85-unit multifamily property located in Vernon Hills, Illinois, a suburb located 35 miles north of Chicago. According to a filing with the Securities and Exchange Commission, the property was purchased from an unaffiliated third party for $23 million, plus closing costs.
“The Commons at Town Center’s prime location in this affluent northern suburb of Chicago provides residents with walkable access to transportation and shopping as well as a choice of several highly rated schools,” said Joe Cosenza, vice chairman of The Inland Real Estate Group and president of Inland Real Estate Acquisitions. “With more than 152,000 residents within a five-mile radius, the property is easily accessed from a major interstate and provides a unique retail destination for consumers, making it a prime example of the type of multifamily acquisitions we continue to seek out.”
Constructed in 2010, The Commons at Town Center consists of a six-story building featuring 30 one-bedroom, 50 two-bedroom and 5 three-bedroom units. The property features two underground parking garages, providing a total of 99 garage parking spaces, as well as 31 outdoor parking spaces. Community amenities include a fitness center and resident lounge, and each unit includes granite countertops, stainless steel appliances, nine-foot ceilings, full-size washers and dryers and private terraces.
The 4-acre property also features 10,609-square-feet of retail space occupied by five tenants, including Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry LLC and Giuseppe’s Pizza Restaurant. There are also 42 outdoor designated retail parking spaces on the property.
As of March 31, 2017, the property was over 96 percent leased.
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 two multifamily properties and has raised approximately $36.8 million in investor equity since inception.