Inland Residential Properties Trust, a non-listed real estate investment trust sponsored by Inland Real Estate Investment Corp., has completed the sale of The Verandas at Mitylene, a 332-unit multifamily community located in Montgomery, Ala., for $40.5 million.
“This transaction represents the culmination of our strategic liquidity plan for Inland Residential, and we are pleased that the sale of The Verandas at Mitylene marks the third and final property in the REIT’s portfolio that was sold at a sales price greater than the purchase price at which it was acquired,” said Mitchell Sabshon, president and CEO of Inland Residential. “We believe all three transactions underscore our management team’s commitment to providing a successful and efficient liquidity process for Inland Residential’s stockholders.”
The Verandas at Mitylene is the third and final of the REIT’s assets to be sold as part of a liquidity and dissolution 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 Verandas at Mitylene was acquired in July 2017 for a purchase price of $36.55 million and was sold on Aug. 20, 2019, at a sales price of $40.5 million.
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 $24.55 million. The second property, The Retreat at Market Square, a 206-unit multifamily community located in Frederick, Md., was acquired in September 2015 for a $45.75 million purchase price and was sold on March 29, 2019, at a sales price of $47 million.