OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. announced today that it negotiated and helped close the purchase of The Commons at Town Center, an 85-unit multifamily property located in Vernon Hills, Illinois, a suburb located 35 miles north of Chicago. Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with assistance from Brett Smith, assistant vice president associate counsel of The Inland Real Estate Group, Inc., on behalf of Inland Residential Properties Trust, Inc.
Located at 1255 Town Center Road, near the intersection of Milwaukee Avenue and Half Day Road, the property is situated on 2.37 acres and was constructed in 2010. The Commons at Town Center consists of a six-story building featuring 30 one-bedroom, 50 two-bedroom and 5 three-bedroom units with two below-ground parking garages, providing a total of 99 garage parking spaces. The property also features 31 additional outdoor parking spaces and community amenities including a fitness center and resident lounge. Each unit includes granite countertops, stainless steel appliances, nine-foot ceilings, full-size washers and dryers and private terraces.
In addition, the property features an extended first floor format with 10,609-square-feet of retail space occupied by five tenants, including Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry, LLC and Giuseppe’s Pizza Restaurant. There are also 42 outdoor designated retail parking spaces on the property.
“The Commons at Town Center’s prime location in this affluent northern suburb of Chicago provides residents with walkable access to transportation and shopping as well as a choice of several highly rated schools,” said Cosenza. “With more than 152,000 residents within a five-mile radius, the property is easily accessed from a major interstate and provides a unique retail destination for consumers, making it a prime example of the type of multifamily acquisitions we continue to seek out.”
As of March 31, 2017, the property was over 96 percent leased.
To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $44 billion of purchases including apartments, single-tenant properties, medical office buildings and retail properties.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.