Inland Residential Properties Trust recently sold The Verandas at Mitylene, a 332-unit apartment community in Montgomery, Ala., for $40.5 million. The Verandas at Mitylene is the last of the REIT’s assets to be sold as part of a liquidity and dissolution event. The REIT bought the property in July 2017 for $36.55 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.”
Prior to cashing out of The Verandas, Inland divested itself of the Commons at Town Center, an 85-unit multifamily property in Vernon Hills, Ill. That community was bought in May 2017 for $23 million and was sold in December 2018 for $24.55 million. The next one on the block was The Retreat at Market Square, a 206-unit community in Frederick, Md. It was bought for $45.75 million in September 2015 and sold in March 2019 for $47 million. With the sale of The Verandas complete, the trust was then liquidated at $7.81 per share.