Inland Private Capital Closes $83.6M Equity Raise for New Jersey Multifamily DST
Inland Private Capital Corporation has fully subscribed an $83.6 million equity raise for Union Multifamily DST, a Delaware statutory trust that owns a 393-unit multifamily property in Union Township, N.J., according to the firm’s parent investment manager, Inland Real Estate Investment Corporation.
The DST owns Summit Court Apartments, a multifamily community located at 1720 Patriot Way in Union Township, N.J. Developed in two phases, initial construction was completed in 2018 and a second phase delivered in 2023. The property consists of 393 apartment homes across three residential buildings and a clubhouse, with a mix of one-, two- and three-bedroom floor plans.
“Summit Court exemplifies the high-quality, well-located multifamily communities we continue to target,” said Matthew Fries, chief executive officer and president of Inland Investments. “Located just 25 minutes from Manhattan, the property offers residents convenient transit access, proximity to major employment hubs and a modern amenity set that aligns with today’s renter preferences.”
The property location provides residents with access to NJ Transit bus and rail service, including nearby Union and Roselle Park train stations. Summit Court is also well-positioned near major transportation corridors, including the New Jersey Turnpike, Garden State Parkway, Interstate 78 and Interstate 278, and is approximately seven miles from Newark Liberty International Airport.
Earlier this month, Inland Private Capital Corporation fully subscribed a $71.7 million New Jersey offering: Inland Jersey City Multifamily DST, sponsored on behalf of 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, approximately 11 miles from Manhattan.
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. 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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