PRESS ROOMNEWS RELEASE
Inland Real Estate Acquisitions, Inc. Closed the Purchase of a 304-Unit Multifamily Property in North CarolinaDecember 06, 2017
Oak Brook, Ill. – Inland Real Estate Acquisitions, Inc. announced today that it negotiated and closed the purchase of Alta Legacy Oaks, a 304-unit multifamily property located in Knightdale, North Carolina, a western suburb of Raleigh. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., completed the deal, 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.
Constructed in 2009, the property is located at 1150 Baxter Lane and will be renamed View at Legacy Oaks. The property consists of 14 three-story buildings featuring 84 one-bedroom, 172 two-bedroom and 48 three-bedroom units with 546 total parking spaces. The one-bedroom units measure between 744 and 832 square feet, the two-bedroom units offer sizing between 996 and 1,223 square feet and the three-bedroom units offer 1,290 to 1,502 square feet of living space. The View at Legacy Oaks also features a multitude of community amenities including an oversized resort-style pool with a large sundeck, a poolside outdoor kitchen, an outdoor game lounge, a 24-hour fitness center, a community garden, a business center, a dog park, a car care center, a playground and a clubhouse with a grand fireplace.
Additionally, the View at Legacy Oaks is located 1.5 miles from a major retail area that includes Target, The Home Depot, Lowes Foods, Petco and Dick’s Sporting Goods, while Raleigh’s premier shopping destination, North Hills, is less than 15 minutes from the property. Residents also have convenient access to outdoor recreation options with the nearby 27.5-mile Neuse River Greenway and the 3.5-mile Mingo Creek Trail.
“Ideally located near downtown Raleigh, North Hills, WakeMed Hospital and Research Triangle Park, the View at Legacy Oaks provides more than 118,000 residents within a five-mile radius with convenient access to a variety of medical, government, technology, banking and education employers in the area,” said Cosenza. “Combined with its significantly larger square footage offerings per unit and high quality community amenities, this property is an excellent example of the types of multifamily acquisitions we continue to seek out.”
As of November 9, 2017, the property was 96 percent occupied.
To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $45 billion of purchases including single-tenant properties, medical office buildings, retail properties and a total of more than $4.5 billion in apartments.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the 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.