IntroductionInland Residential Properties Trust, Inc. • December 27th, 2018 • Real estate investment trusts
On December 20, 2018, Inland Residential Properties Trust, Inc. (the “Company”), through IRESI Vernon Hills Commons, L.L.C., an indirect wholly owned subsidiary of the Company (the “Commons Subsidiary”), completed the previously disclosed sale of a 105,442 square foot, 85-unit apartment community with a 10,609 square foot extended first floor retail space located at 1255 Town Center Rd, Vernon Hills, Illinois, commonly known as “The Commons at Town Center” (the “Property”), pursuant to an agreement dated December 4, 2018 (the “Agreement”). The buyer of the Property is FPA/WC Commons LLC (an assignee of the previously disclosed buyer, FPA Multifamily, LLC), an unaffiliated third party. At the closing, the Company received net proceeds of approximately $9.9 million representing the purchase price of $24.6 million, net of closing costs, commissions, and certain prorations and adjustments, and the full repayment of $13.8 million in mortgage debt that encumbered the Property.
