Inland Residential sells Maryland multifamily property for $47m

Inland Residential Properties Trust, a nonlisted REIT sponsored by Inland Real Estate Investment Corp., has completed the sale of The Retreat at Market Square, a 206-unit multifamily community located in Frederick, Md., a suburb of Baltimore, for $47 million.

The Retreat at Market Square was acquired in September 2015 for a purchase price of $45.75 million and was sold at a sales price of $47 million, representing an increase of 2.73 percent over the original acquisition price. At the time of sale, the property was 97.08 percent leased.

The Retreat at Market Square is the second of the REIT’s three assets to be sold as part of a liquidity event, approved by Inland Residential stockholders on Dec. 18, 2018, providing for the sale of all assets of the REIT and the distribution of the net proceeds to stockholders. The first property sold, Commons at Town Center, an 85-unit multifamily property located in Vernon Hills, Ill., was acquired in May 2017 for a purchase price of $23 million and was sold on Dec. 20, 2018 at a sales price of $24.6 million, representing an increase of 6.3 percent over the original acquisition price. The third property, The Verandas at Mitylene in Montgomery, Ala., is currently under contract to be sold. Sale of The Verandas at Mitylene is subject to various conditions being satisfied, including approval by the lender permitting the buyer to assume the existing mortgage loan secured by the property.