Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, has completed the sale of “The Commons at Town Center,” an 85-unit multifamily community located in Vernon Hills, Illinois, for approximately $24.6 million.
At the closing, the company received net proceeds 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.
Earlier this month, REIT shareholders approved the company’s plan of liquidation, which includes selling the company’s assets, distributing the net cash to shareholders, and dissolving the company. The REIT’s board approved the plan in September.
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, storage lockers, security cameras in lobby and parking areas, a hospitality room with lounge seating, fully equipped kitchen and dining area and terrace, heated indoor parking, and a fitness center.
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.