Inland Investments Completes $71.7M DST Equity Raise for Jersey City Multifamily Property
Inland Private Capital Corporation has fully subscribed Inland Jersey City Multifamily DST, a Delaware statutory trust with an approximately $71.7 million equity offering, sponsored on behalf of Inland Real Estate Investment Corporation, i.e., Inland Investments, the firm’s parent investment manager.
The DST owns 295J Apartments, a 309-unit multifamily property located in the Bergen-Lafayette neighborhood of Jersey City, N.J., located approximately 11 miles from Manhattan. The five-story building includes studio, one-, two- and three-bedroom units.
The property includes in-unit washers and dryers and amenities such as a swimming pool and rooftop dog run, along with approximately 3,860 square feet of ground-floor retail space. It offers access to the NJ Transit Light Rail, NY Waterway ferry and PATH rail service.
“The multifamily sector presents a significant growth opportunity as the U.S. faces a major housing shortfall, affordability concerns, and ongoing high interest rates,” said Matthew Fries, chief executive officer and president of Inland Investments.
Inland Investments reported more than $16 billion in assets under management. Since its founding, Inland member companies have facilitated more than $56 billion in acquisitions across 42 states.
Last year, Inland Investments completed the full subscription of National Senior Living Portfolio DST, a $149 million DST which indirectly owns three Class A senior living communities totaling 635 units across Arizona, Missouri and Tennessee.
In executive leadership news, The Inland Real Estate Group named Catherine Lynch to chief of staff earlier this month. Lynch will work with CEO and President Tony Chereso to advance the company’s strategic objectives. Earlier this year, Inland also appointed Michael Collins as head of global wealth for Inland Securities Corporation.
Headquartered in Oak Brook, Ill., Inland Investments is a real estate investment manager and a member company of The Inland Real Estate Group of Companies Inc. The firm offers public and private tax-advantaged real estate investment products across commercial real estate sectors.
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