Inland Residential Properties Trust Acquires Baltimore Community
- Oct 26, 2015
Oak Brook, Ill.—A real estate investment trust acquired an apartment community in a suburb of Baltimore.
The unlisted Inland Residential Properties Trust Inc. sponsored by Inland Real Estate Investment Corporation acquired The Haven at Market Square, a 206-unit property in Frederick, Md., which is less than an hour from Washington, D.C. Joe Cosenza, president of Inland Real Estate Acquisitions, Inc., facilitated the purchase on behalf of Inland Residential Trust.
Situated at 300 Cormorant Place in Frederick, the property will be rebranded as The Retreat at Market Square. The multifamily property was constructed in 2014 and includes two four- and five-story buildings with a total of 91 one-bedroom, 99 two-bedroom and 16 three-bedroom units and 338 parking spaces. Each unit highlights 9-foot ceilings, gourmet kitchens and a full-size washer and dryer. Select units offer private screened-in balconies or sun rooms. The property also offers a clubhouse with a 24-hour fitness center, gourmet community kitchen, an Internet café, a sports simulator, resort-style swimming pool, two grilling areas, an outdoor fireplace and a playground.
“This acquisition was an ideal opportunity to add a best-in-town residential property located within a top 10 MSA to Inland Residential Trust’s growing multifamily portfolio,” said Mitchell Sabshon, chief executive officer and president of Inland Real Estate Investment Corporation. “Positioned in the area’s top school district and within walking distance of a variety of local, national and regional shops, The Retreat at Market Square provides residents uptown features with downtown convenience. This acquisition aligns with Inland Residential Trust’s strategy to purchase high quality residential properties in attractive locations.”
Two shopping centers, with a combined 179,350 square feet of retail and located less than a mile from the property, serve the residents of The Retreat at Market Square. Retailers at the center include Wegmans, Giant Foods, Lowe’s Home Improvement, Marshall’s, HomeGoods, PetSmart, Panera Bread, Noodles & Company, Frederick Wine House and Walmart.