Inland Lands 332-Unit AL Community
A nonlisted multifamily REIT sponsored by the company purchased The Verandas at Mitylene in Montgomery for $37 million. The asset was formerly managed by Flournoy Properties.
By Laura Calugar
Inland Residential Properties Trust Inc. acquired The Verandas at Mitylene in Montgomery, Ala. The investment trust paid $37 million for the 332-unit community. Flournoy Properties is the asset’s former manager. As of June, the apartments were approximately 91 percent leased.
Located at 8850 Crosswind Drive, The Verandas at Mitylene is on the east side of the city, just north of Interstate 85. The community is approximately 12 miles from the Alabama State University and provides easy access to the Baptist Medical Center East, the Auburn University at Montgomery and the Maxwell-Gunter Air Force Base. Built in 2007, the property consists of 14 three-story buildings with 24 one-, 248 two- and 60 three-bedroom units. Each apartment features:
- granite countertops
- full-size washers and dryers
- walk-in closets
- a sunroom, patio or balcony
Amenities include a clubhouse, a 24-hour fitness center, a playground, a car care center, a business center, an outdoor heated spa and a swimming pool.
“This acquisition was an ideal opportunity to add a property with condominium quality amenities to Inland Residential Trust’s growing multifamily portfolio. This acquisition aligns well with Inland Residential Trust’s strategy to purchase high quality residential properties in attractive locations,” said Inland Real Estate Investment Corp. CEO & President Mitchell Sabshon, in a prepared statement.
Mark Cosenza, senior vice president of Inland Real Estate Acquisitions Inc. facilitated the purchase of the property, with assistance from Brett Smith, assistant vice president & associate counsel of The Inland Real Estate Group LLC, Law Department, on behalf of Inland Residential Trust. Inland Residential Properties Trust Inc. is sponsored by Inland Real Estate Investment Corp.
Images courtesy of The Verandas at Mitylene website