New Owner, New Name for Multifamily Haven in Frederick
- Oct 15, 2015
Inland Residential Properties Trust, a subsidiary of Inland Real Estate investment Corp. of Oak Brook, Ill., recently purchased a 206-unit apartment community known as The Haven at Market Square. The company purchased the asset from Johnson Development Associates of South Carolina for $47.75 million, which translates into approximately $231,800 per unit. According to an official statement announcing the sale, the community will be renamed The Retreat at Market Square. The property was 95 percent occupied at the time of sale, according to The DI Wire.
The buyer was represented by Joe Cosenza, president of Inland Real Estate Acquisitions, while Mendy Williams of Johnson Development Associates handled the transaction in-house.
Built in 2014 and located at 300 Cormorant Place in Frederick, less than an hour from Washington, D.C., The Retreat at Market Square comprises two four- and five-story buildings containing 91 one-bedroom, 99 two-bedroom and 16 three-bedroom units, as well as 338 parking spaces. The 194,732-square-foot property also includes a clubhouse with 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. Yardi Matrix data indicates that monthly rents at The Retreat at Market Square range between $1,300 for a one-bedroom and $1,570 for a three-bedroom unit.
“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,” Mitchell Sabshon, CEO & president of Inland Real Estate Investment Corp., said in prepared remarks. “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.”
The apartment community sits less than a mile from two shopping centers that offer a combined 179,350 square feet of space. The list of retail tenants at the two shopping venues includes Wegmans, Giant Foods, Lowe’s Home Improvement, Marshall’s, HomeGoods, PetSmart, Panera Bread, Noodles & Company, Frederick Wine House and Wal-Mart.
Image via Yardi Matrix