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CHICAGO, IL – January 8, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Commons at Town Center, a boutique luxury residential and retail property in the affluent North Shore community of Vernon Hills, Illinois.
The HFF team marketed the property on behalf of the seller, Inland Residential Properties Trust, Inc. (a member company of The Inland Real Estate Group of Companies, Inc.), and procured the buyer, FPA Multifamily, LLC.
The Commons at Town Center consists of 85 residential units averaging 1,240 square feet and more than 10,000 square feet of ground-floor retail space leased to Sam Martirano Salon & Spa, Hawthorn Dental Associates, Design Studio Jewelry, Eight Piece and Giuseppe’s Pizza. Completed in 2010, the six-story property is located just northwest of Highway 45 and N. Milwaukee Avenue at 1255 Town Center, which positions it near 225,000 square feet of retail, award-winning schools and more than a dozen Fortune 500 employers. In addition to the retail component, community amenities include a heated indoor parking garage, fully equipped fitness center, hospitality room and resident lounge. The one- through three-bedroom, condo-quality units feature well-appointed kitchens inclusive of granite countertops, high-end cabinetry, stainless steel appliance and large peninsulas; full-size washers and dryers; large walk-in closets; and expansive balconies. Both the residential and retail components are fully leased.
The HFF investment advisory team included senior director Wick Kirby, managing directors Sean Fogarty and Marty O’Connell and director Kevin Girard.
Inland Real Estate Acquisitions, Inc. announced today that it facilitated the acquisitions of two multifamily properties in March, Miramont Apartments and Pinecone Apartments, located in Fort Collins, Colorado. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transactions on behalf of an Inland affiliate.
Inland Real Estate Acquisitions facilitated the purchase of two #multifamily properties in Fort Collins, CO.
Located at 4900 E. Boardwalk Drive in Fort Collins, Miramont Apartments consists of 15 buildings containing 45 one-bedroom and 165 two-bedroom units. Each unit includes a private balcony or patio, hardwood floors, a gas fireplace, nine-foot ceilings and walk-in closets. Of the 210 units, 78 units have been recently upgraded to include new appliances, plank flooring, cabinet doors and countertops. Miramont Apartments also features a newly renovated clubhouse, detached garages, fitness center, swimming pool, hot tub and a dog park. The property is located near two golf courses and bike trails.
Pinecone Apartments, located at 2212 Vermont Drive in Fort Collins, is comprised of 13 buildings containing a total of 45 one-bedroom and 150 two-bedroom units. Amenities in each unit include brushed nickel fixtures, a gas fireplace, private balcony or patio, washer and dryer and walk-in closets. The property also features a heated swimming pool, club house, fitness center, business center, a dog park and detached garages. Pinecone Apartments is within walking distance to Fort Collins High School, Stewart Case Park and the Power Trail.
“We are pleased to have recently purchased these two high-quality multifamily properties that are well-located in a prime market with historically high occupancy rates,” said Tice. “Miramont and Pinecone Apartments provide residents with desirable amenities, access to great schools and excellent proximity to major employers including Colorado State University, Hewlett Packard, Poudre Valley Health System, Agilent, Eastman Kodak Company and Anheuser-Busch.”
As of the acquisition date, both properties were 97 percent leased.
To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $41 billion of purchases including retail centers, apartments and single-tenant properties.