FREDERICK, MD—Inland Residential Properties Trust reports it has closed on a 206-unit apartment building here -- the Haven at Market Square. Located at 300 Cormorant Pl, Inland plans to rebrand it as The Retreat at Market Square.
It is a relatively new development, built in 2014 and consisting of two four- and five-story buildings.
The REIT likes it for all the reasons to be expected: its location within a top 10 MSA; its high walkability and nearby amenities including two shopping centers; its, as CEO Mitchell Sabshon says, "uptown features with downtown convenience."
Inland didn't reveal a sales price but earlier this summer DI Wire reported that Inland entered into an agreement to purchase the property for $45.8 million in cash, plus closing costs.
The publication also reported that if the transaction closed, Inland Residential planned to fund the purchase with a one-year mortgage at 3.95%.
GlobeSt.com contacted Inland for further comment but did not receive a response by deadline.
Inland Residential, a nonlisted REIT, launched an initial public offering this past February. It invests in class A and class B apartments.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
