By Jeffrey Steele
Inland Real Estate Acquisitions Inc., the Oak Brook, Ill.-based purchasing arm of The Inland Real Estate Group of Companies Inc., has acquired multifamily properties in Alabama and Tennessee. They are The Verandas at Taylor Oaks in Montgomery, Ala., and The Haven at Commons Park in Chattanooga, Tenn. As of July 25, the properties were 95 and 90 percent occupied, respectively.
Inland Real Estate Acquisitions Inc. senior vice president Mark Cosenza facilitated the transactions on behalf of an Inland affiliate. He was assisted by assistant vice president and associate counsel Brett Smith of the Inland Real Estate Group Law Department.
“We believed these assets were attractive because both properties are seasoned, impeccably maintained and well positioned in two very stable and growing markets,” Cosenza told MHN. “We are currently buying multifamily assets across the country and every market and submarket is different. We are a market buyer and feel very good about the stability of the tenancy and income at these properties.”
A 332-unit multifamily property at 7701 Taylor Oaks Circle on the east side of the city of Montgomery, The Verandas at Taylor Oaks was completed in 2008.
It features 15 three-story buildings that include 24 one-bedroom, 248 two-bedroom and 60 three-bedroom apartments, along with 68 garage parking spaces. The units offer such upscale features as granite countertops, stainless steel appliances, energy-efficient windows and full-size washers and dryers.
Location provides a decided advantage to residents. The property is situated just south of I-85 and the Eastchase retail and office district. The Verandas at Taylor Oaks offers an area housing option to 5,600 students and1,0000 faculty members of Alabama State University, and 5,500 Hyundai Motor Manufacturing Alabama plant workers.
The Haven at Commons Park, 7477 Commons Boulevard on Chatanooga’s east side, is a 319-unit property completed in 2008.
Adjacent to shops, jobs
The 319-unit apartment community features 11 three-story buildings offering a total of 77 one-bedroom, 176 two-bedroom and 66 three-bedroom apartments, 86 garage parking spaces and a clubhouse. Units feature granite countertops, energy-efficient windows, ceiling fans and full-size washers and dryers.
Adjacent to Hamilton Place, The Haven at Commons Park offers residents both a retail destination and easy access to a major job hub, featuring employers Shaw Industries, Erlanger Hospital and the Volkswagen Group of America assembly plant.
“We are looking for Class A and Class B assets in many markets throughout the country and both Montgomery, Ala. and Chattanooga, Tenn. have some very good employment drivers,” Cosenza said. “Young workers are moving into these markets and they are preferring renting versus buying a home. We believe this continued migration will feed the stability of these properties for the foreseeable future. These are the types of assets we will continue to seek out nationwide.”