Inland acquires multifamily property in Vernon Hills

OAK BROOK - Inland Real Estate Acquisitions has purchased The Commons at Town Center, an 85-unit multifamily property located in Vernon Hills.

Terms of the acquisition were not announced.

Located at 1255 Town Center Road, near the intersection of Milwaukee Avenue and Half Day Road, the 2.37 acre property was built in 2010. The Commons at Town Center consists of a six-story building featuring 30 one-bedroom, 50 two-bedroom and 5 three-bedroom units with two below-ground parking garages, providing a total of 99 garage parking spaces.

The property also features 31 additional outdoor parking spaces and community amenities including a fitness center and resident lounge. Each unit includes granite countertops, stainless steel appliances, nine-foot ceilings, full-size washers and dryers and private terraces.

Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with assistance from Brett Smith, assistant vice president associate counsel of The Inland Real Estate Group, Inc., on behalf of Inland Residential Properties Trust, Inc.

As of March 31, the property was over 96 percent leased.