Shareholders of Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, have 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.
Shareholders voted at the reconvened annual meeting held on December 18, 2018, following its adjournment in late November to solicit additional proxies for the proposal. The company noted that 1.25 million shares, or approximately 57.9 percent, were present at the reconvened meeting. Approximately 1.1 million voted in favor of the liquidation plan, 55,617 voted against, and 66,075 abstained.
In related news, the REIT recently agreed to sell The Commons at Town Center, an 85-unit multifamily community located in Vernon Hills, Illinois, for approximately $24.6 million.
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.