Inland Real Estate Acquisitions purchases properties in Alabama, Tennessee
OAK BROOK - Inland Real Estate Acquisitions announced today that it negotiated and helped close the purchase of The Verandas at Taylor Oaks in Montgomery, Alabama, and The Haven at Commons Park in Chattanooga, Tennessee.
The Verandas at Taylor Oaks is a 332-unit multifamily property on the east side of Montgomery. Completed in 2008, the property consists of 15 three-story buildings that include 24 one-bedroom, 248 two-bedroom and 60 three-bedroom units and 68 garage parking spaces. Each unit features condo-quality amenities including granite countertops, stainless steel appliances, energy-efficient windows and full-size washers and dryers.
The Verandas at Taylor Oaks provides nearly 5,600 students and 1,000 faculty members of Alabama State University and approximately 5,500 Hyundai Motor Manufacturing Alabama plant employees with a housing option in the area.
The Haven at Commons Park is located at 7477 Commons Boulevard on the east side of Chattanooga. Built in 2008, the 319-unit property features 11 three-story buildings consisting of 77 one-bedroom, 176 two-bedroom and 66 three-bedroom units, 86 garage parking spaces and a clubhouse. Every unit includes granite countertops, energy-efficient windows, ceiling fans and full-size washers and dryers.
The Verandas at Taylor Oaks and The Haven at Commons Park were 90 percent and 95 percent occupied, respectively.
Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transactions, with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
"These multifamily properties presented an attractive acquisition opportunity due to their high quality amenities and desirable locations near major employers, retail destinations, health care and educational institutions within their respective regions," said Cosenza. "Both properties offer a competitive advantage in their respective markets, making them a prime example of the type of acquisitions we continue to seek out for Inland's multifamily product platforms."