Inland trust sells Maryland property for $47 million

OAK BROOK - Inland Residential Properties Trust, Inc. recently sold The Retreat at Market Square, a 206-unit multifamily community located in Baltimore suburb of Frederick, Maryland for $47 million.

The Retreat at Market Square was acquired in September 2015 for $45.75 million, representing an increase of 2.73 percent over the original acquisition price. At the time of sale, the property was 97% leased.

The Retreat at Market Square is the second of the real estate investment trust's three assets to be sold as part of a liquidity event, approved by Inland Residential stockholders last December, providing for the sale of all assets of the REIT and the distribution of the net proceeds to stockholders. The trust sold Commons at Town Center, an 85-unit multifamily property in Vernon Hills, in December for $24.6 million, a 6.3% increase over the original acquisition price. A property in Alabama is under contract to be sold, the company added.