Inland Nabs Suburban Chicago Community
The Commons at Town Center, a six-story, 85-unit multifamily property in Vernon Hills, Ill., was built in 2010 and boasts a 96 percent occupancy.
By Roxana Baiceanu
Inland Real Estate Group acquired an 85-unit luxury property in Vernon Hills, Ill., one of Chicago’s northern suburbs. Vice Chairman of The Inland Real Estate Group Inc. & President of Inland Real Estate Acquisitions Inc. Joe Cosenza facilitated the transaction, assisted by Assistant Vice President Associate Counsel of The Inland Real Estate Group Inc. Brett Smith, on behalf of Inland Residential Properties Trust Inc.
Located at 1255 Town Center, near the intersection of Milwaukee Avenue and Half Day Road, the six-story property was built in 2010 on 2.4 acres of land. It features 30 one-bedroom, 50 two-bedroom and five three-bedroom units with sizes ranging from 855 to 2,003 square feet. The community boasts a 96 percent occupancy.
Building amenities include a fitness center; a heated, indoor pool; bicycle storage; a hospitality room with lounge seating and dining area with a terrace. Each unit offers granite countertops, stainless steel appliances, full-size washers and dryers and private terraces. The parking space available for residents consists of two below-ground garages which can accommodate 99 vehicles and 31 additional outdoor parking spaces.
In addition to the residential space, there are 10,609 square feet designed for retail use as well as 42 parking spaces. Tenants include Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry and Giuseppe’s Pizza Restaurant.
The Commons at Town Center is part of a growing community, with more than 152,000 residents within five miles. Transportation, shopping, and schools are located within walking distance.
Image courtesy of The Commons at Town Center