Inland Residential Properties Trust Finalizes Purchase of MD Multifamily Community

Inland Residential Properties Trust Inc., a publicly registered non-traded real estate investment trust, finalized its purchase of The Retreat at Market Square apartment community for $45.8 million in cash, plus closing costs.

In August, The DI Wire reported when the REIT signed the purchase agreement for The Retreat at Market Square.

The Retreat, formerly known as The Haven at Market Square, is located at 300 Cormorant Place in Frederick, Maryland in the Market Square, a mixed-use community with retail and shopping less than an hour from Washington, D.C. and Baltimore. The 194,732-square-foot property is comprised of one-, two- and three-bedroom residences with screened in balconies and patios, washers and dryers, and walk-in closets. Community amenities include a resort-style pool, grilling area, jogging trails, internet café, business center, game room, and a gastropub with pool tables. Constructed in 2014, The Haven is 95 percent occupied and is a National Association of Home Builders Research Center Green Certified community.

The purchase was funded through a $45.8 million mortgage loan with Parkway Bank and Trust Company secured by the property. The loan bears interest at a fixed rate of 3.95 percent per year and has a September 2016 maturity date.

Inland Residential Properties Trust Inc. is a publicly registered non-traded real estate investment trust, sponsored by Inland Real Estate Investment Corporation, and intends to acquire a portfolio of geographically diverse Class A and B multifamily properties in the top 100 metropolitan statistical areas throughout the United States.