Inland Fully Subscribes $120M Multifamily DST in Chicagoland Suburb
Real estate investment manager Inland Real Estate Investment Corporation, or Inland Investments, which specializes in offering public and private tax-advantaged real estate solutions to retail investors, has raised more than $120 million in capital for the private investment offering, Wheaton Multifamily DST.
Launched in December 2024, the Delaware statutory trust sponsored by Inland Private Capital Corporation has been fully subscribed by investors and is now closed.
The DST owns Wheaton 121 Apartments, a Class-A multifamily community located at 121 North Cross St. in Wheaton, Ill., an affluent suburb 25 miles west of downtown Chicago. The property consists of a seven-story building providing 306 apartment homes, comprised of five studio, 217 one-, 80 two-, and four three-bedroom layouts. Each home features upscale amenities, including gourmet kitchens, stainless steel appliances, wood flooring, nine-foot ceilings, spacious walk-in closets, in-unit washers and dryers, and private outdoor terraces or balconies.
Residents of Wheaton 121 also have access to community amenities including a resort-style swimming pool, personal EV charging stations, heated garage parking, a 24-hour fitness center and yoga studio, outdoor grilling stations with a fire pit, a dog park, a billiards/poker room, a theater room, and a car wash and tire fill station.
According to Inland Investments, the property’s location boasts a walkable downtown with boutique shops, cafes, and local restaurants. Residents also benefit from proximity to the Wheaton Union Pacific West Metra Station across the street and convenient access to major thoroughfares including I-88 and I-355.
“The multifamily sector is continuing to expand, with demand steadily recovering in the face of recent economic challenges, including high interest rates, limited home supply, and affordability issues,” said Matthew Fries, chief executive officer and president of Inland Investments. “Many individuals are turning to high-quality rental options with community-driven, luxury amenities in desirable locations. These shifting demographic trends and preferences continue to drive strong demand and sustainable growth in the multifamily market.”
Per AltsWire reporting earlier this year, Fries was named CEO and president of Inland Investments following Keith Lampi’s departure. Fries came to Inland from Cetera Financial Group where he has held several roles since 2015, most recently as head of investment products and partner solutions. Fries reports to Tony Chereso, CEO and president of The Inland Real Estate Group of Companies LLC.
Headquartered in Oak Brook, Ill., Inland Investments is an industry-leading real estate investment manager and a member company of The Inland Real Estate Group of Companies, one of the nation’s largest commercial real estate and finance groups. Inland member companies have facilitated more than $56 billion in acquisitions since inception and currently manage a diverse real estate portfolio of approximately $16 billion across 42 states.
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