OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Residential Properties Trust, Inc. (“Inland Residential Trust”), a non-listed real estate investment trust (“REIT”) sponsored by Inland Real Estate Investment Corporation, announced today that it has satisfied its minimum offering requirement in 46 states. Furthermore, Inland Real Estate Investment Corporation invested $2 million in Inland Residential Trust to align its interest with those of its investors.
The purchase price for Inland Residential Trust Class A Shares is $25.00 per share and for Inland Residential Trust Class T Shares is $23.95 per share. Inland Residential Trust is also offering up to $190 million of Class A Shares and Class T Shares to be issued pursuant to its distribution reinvestment plan. The distribution reinvestment plan purchase price for Class A Shares and Class T Shares is $23.75 and $22.81, respectively. Inland Residential Trust intends to use the proceeds from this offering to acquire a geographically diverse portfolio of primarily Class A and Class B multifamily properties located in the top 100 metropolitan statistical areas throughout the United States, which generally have populations greater than 500,000. Inland Residential Trust is offering the Class A and Class T Shares on a “reasonable best efforts” basis through Inland Securities Corporation, the dealer manager for the offering.
A copy of the prospectus for Inland Residential Trust may be obtained on the SEC’s website at: www.sec.gov or by contacting the dealer manager at: Inland Securities Corporation, 2901 Butterfield Road, Oak Brook, Illinois 60523, Attention: Sandra L. Perion.
About Inland Residential Properties Trust, Inc.
Inland Residential Properties Trust, Inc. was formed to acquire, directly or indirectly, a geographically diverse portfolio primarily of Class A and Class B multifamily properties located in the top 100 metropolitan statistical areas throughout the United States. Inland Residential Properties Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.
This is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by the prospectus which has been filed or registered with appropriate state and federal regulatory agencies, and sold only by broker dealers authorized to do so, nor will there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. No regulatory agency has passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful.