PRESS ROOMNEWS RELEASE
Inland Real Estate Acquisitions, Inc. Purchases Multifamily Properties in Alabama and TennesseeAugust 09, 2017
Oak Brook, Ill. – Inland Real Estate Acquisitions, Inc. announced today that it negotiated and helped close the purchase of The Verandas at Taylor Oaks in Montgomery, Alabama, and The Haven at Commons Park in Chattanooga, Tennessee. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transactions, with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
The Verandas at Taylor Oaks is a 332-unit multifamily property located at 7701 Taylor Oaks Circle, on the east side of Montgomery. Completed in 2008, the property consists of 15 three-story buildings that include 24 one-bedroom, 248 two-bedroom and 60 three-bedroom units and 68 garage parking spaces. Each unit features condo-quality amenities including granite countertops, stainless steel appliances, energy-efficient windows and full-size washers and dryers.
Located just south of I-85 and the Eastchase retail and office district, The Verandas at Taylor Oaks provides nearly 5,600 students and 1,000 faculty members of Alabama State University and approximately 5,500 Hyundai Motor Manufacturing Alabama plant employees with a housing option in the area.
The Haven at Commons Park is located at 7477 Commons Boulevard on the east side of Chattanooga. Built in 2008, the 319-unit property features 11 three-story buildings consisting of 77 one-bedroom, 176 two-bedroom and 66 three-bedroom units, 86 garage parking spaces and a clubhouse. Every unit includes granite countertops, energy-efficient windows, ceiling fans and full-size washers and dryers.
The property’s position next to Hamilton Place provides residents with a shopping and retail destination, and convenient access to major employers, including Erlanger Hospital, the Volkswagen Group of America Assembly Plant and Shaw Industries.
“These multifamily properties presented an attractive acquisition opportunity due to their high quality amenities and desirable locations near major employers, retail destinations, healthcare and educational institutions within their respective regions,” said Cosenza. “Both properties offer a competitive advantage in their respective markets, making them a prime example of the type of acquisitions we continue to seek out for Inland’s multifamily product platforms.”
As of July 25, 2017, The Verandas at Taylor Oaks and The Haven at Commons Park were 90 percent and 95 percent occupied, respectively.
To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $44 billion of purchases including single-tenant properties, medical office buildings, retail properties and a total of nearly $4.6 billion in apartments.
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.