Inland Residential Reaches for Heaven… at Market Square

By Adrian Maties, Associate Editor

Heaven at Market Square

A real estate investment trust sponsored by the Inland Real Estate Investment Corp. plans to expand its presence in the Greater Washington area with the acquisition of a large multifamily community that was recently completed in Frederick.

Inland Residential Properties Trust Inc. has entered into an agreement to purchase the 206-unit Haven at Market Square, according to The DI Wire. The purchase price is approximately $45.8 million in cash, plus closing costs. Spartanburg, SC-based Johnson Development Associates, Inc. is the current owner of the apartment community.

The 194,732-square-foot, NAHB Research Center Green Certified multifamily property is located at 300 Cormorant Place, within the Market Square mixed-use community. It offers one-, two- and three-bedroom residential units, ranging in size between 615 and 1,426 square feet. According to the community’s website, rents start from $1,300 per month for one-bedrooms, and can go as high as $2,150 per month for a three-bedroom apartment. The Haven at market Square features a list of amenities, including a pool, jogging trails, and a business center. The community was completed in 2014 and is currently 92.5 percent occupied.

Photo credit: Johnson Development Associates, Inc.