OAK BROOK — Inland Real Estate Acquisitions Inc. announced that it has officially obtained The Commons at Town Center after negotiations.
Vice Chairman of The Inland Real Estate Group and the company’s President Joe Cosenza helped to moderate the purchase of the subdivision, which has 85 units of multifamily properties and is in the Vernon Hills area 35 miles outside of Chicago. He worked with Brett Smith, the assistant vice president associate council of The Inland Real Estate Group Inc. representing Inland Residential Properties Trust Inc.
“The Commons at Town Center’s prime location in this affluent northern suburb of Chicago provides residents with walkable access to transportation and shopping as well as a choice of several highly rated schools,” Cosenza said. “With more than 152,000 residents within a five-mile radius, the property is easily accessed from a major interstate and provides a unique retail destination for customers, making it a prime example of the type of multifamily acquisitions we continue to seek out.”
The property, which sits at 1255 Town Center Road, was built in 2010. It is on 2.37 acres on Milwaukee Avenue and Half Day Road. It features a building that is six stories tall, including 30 one-bedroom, 50 two-bedroom and 5 three-bedroom spaces along with two below-ground parking garages that can accommodate 99 spaces.
Retail properties also sit on the first floor of the property such as Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry and Giuseppe’s Pizza Restaurant. Customers are free to use the 42 parking spaces for the retail shops and restaurants.
This latest purchase is just one of many for Inland Real Estate Acquisitions, which has moderated more than $4 billion acquisitions of various properties from apartments to retail.