MONTGOMERY, AL – Inland Residential Properties Trust, a non-listed real estate investment trust sponsored by Inland Real Estate Investment Corporation, announced the acquisition of The Verandas at Mitylene, a 332-unit, gated community, apartment complex in Montgomery, Alabama.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the buy of the property, with help from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of Inland Residential Trust.

Located at 8850 Crosswind Drive, the property is on the east side of town just north of I-85. Constructed in 2007, The Verandas at Mitylene consists of 14 three-tale buildings containing a total of 24 one-bedroom, 248 two-bedroom and 60 three-bedroom units. Each unit features granite countertops, full-size washers and dryers, walk-in closets, and a sunroom, patio or balcony.

The complex also includes a clubhouse, 24-hour fitness center, playground, car care center, business center and pool. As of June 30, 2017, the property was approximately 91 percent leased.

“This acquisition was an ideal opportunity to add a property with condominium quality amenities to Inland Residential Trust’s growing multifamily portfolio,” said Mitchell Sabshon, chief executive officer and president of Inland Real Estate Investment Corporation. “The property is well positioned off the interchange and near many large employers including The Baptist Medical Center, Auburn University at Montgomery and the Maxwell-Gunter Air Force Base. The property’s close proximity to I-85 also provides residents with simple access to downtown Montgomery, the Eastchase office market and to a variety of local and national retailers. This acquisition aligns well with Inland Residential Trust’s strategy to buy high quality residential properties in attractive locations.”

Inland Residential Properties Trust was formed to buy, directly or indirectly, a geographically diverse portfolio primarily of Class A and Class B multifamily properties located in the top 100 metropolitan statistical areas throughout the United States.

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NASHVILLE, TN – CIM Group announced the acquisition of Stacks on Main, a newly constructed five-tale, 268-unit apartment building with 377 parking stalls located at 535 Main Street in the East Nashville neighborhood. Located 1.5 miles east of Downtown Nashville, the neighborhood is a hub of art, music, restaurants and bars with a vibrant craft beer scene, and an array of boutiques and local retailers.

Stacks on Main, which opened in October 2016, consists of one- and two-bedroom units, offering washer/dryer, quartz and granite countertops, stainless steel appliances, Google Fiber, and an intrusion alarm security system and a range of amenities including a salt water pool, barbeque area, rooftop deck with city views, fitness and yoga center, music room, bike storage, clubhouse and business center.

The property is conveniently located close to the area’s major thoroughfares, with immediate access to the Ellington Parkway, U.S. 41, and Interstate 24, and is also proximate to several bus lines that connect into downtown Nashville in less than 10 minutes.

CIM made its first investment in Nashville in 2015 with the acquisition of L&C Tower, a 272,000-square-foot office building located in the downtown core after identifying the community as possessing the attributes that fit its investment strategy, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks.

CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure.

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SAN DIEGO, CA – In a joint venture with Allstate, TruAmerica Multifamily has made its largest investment in San Diego County with the acquisition of the 519-unit Eagles Point Apartment Community in Escondido for approximately $90 million.

Escondido is one of the fastest growing cities in North San Diego County. Over the past five years, its population has grown by 6.3% percent and is projected to grow by an additional 5.4% by 2021, according to FastReport.

With fewer than 14,000 rental units and only two projects totaling 275 units in the construction pipeline, the city’s multifamily inventory is not close to keeping pace with its tremendous growth, according to Greg Campbell, TruAmerica’s Senior Managing Director of Acquisitions and Dispositions.

“Demand has far exceeded supply in Escondido driving vacancy rates to a small more than one percent,” said Campbell. “And most of the current inventory in the area is older and lacks the amenities desired by today’s renter.”

Eagles Point includes studio, one-, two- and three-bedroom apartments that have not been updated since they were built in 1985.

“The property has fantastic infrastructure but lacked the reinvestment to make it relevant in today’s market,” added Campbell.

TruAmerica will invest significant capital to improve the property. The renovation plot — the largest in company history — includes refurbishing all interior units and upgrading the property’s two pools and spas, tennis courts, and clubhouse. Plans also call for a new fitness center to be incorporated in the existing clubhouse.

“With 1,600 units in our San Diego portfolio, we will be able to take advantage of economies of scale and in-house construction management expertise to transform Eagles Point into one of the most attractive communities in the submarket, and still keep rents in line for working families and individuals in the North County,” Campbell added.

Eagles Point benefits from being located across the street from the Walmart-anchored Vineyard Square Shopping Center, one of the major retail centers in Escondido. The property also is served by nearby Highway 78 and Interstate 15, providing simple access to downtown San Diego as well as the coastal communities of Carlsbad and Oceanside.

Allstate has now bought more than 7,600 units through its joint venture with TruAmerica.

“We are excited to partner with TruAmerica on another terrific addition to our real estate portfolio. We believe assets like Eagles Point are both a fantastic investment and a fantastic way to support the community with high-quality yet affordable housing,” said Michael Moran, Vice President and head of Real Estate Investments at Allstate.

Troy Tegeler’s Newport Beach-based CBRE team arranged the project financing through Fannie Mae. CBRE’s San Diego-based team of Kevin Mulhern, Rachel Parsons and Dixie Hall marketed the property on behalf of the seller.

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