206-Unit Maryland Multifamily Property Purchased by Inland Residential

Posted on Oct 12 2015 - 5:32pm by Brandon De Hoyos

oOAK BROOK, Ill.— Inland Residential Properties Trust, Inc., announced Monday the acquisition of a 206-unit apartment complex in Frederick, Maryland.

The Haven at Market Square, located near Baltimore and less than an hour from Washington D.C., is located at 300 Cormorant Place, and was built in 2014, reports Digital Journal.

The multifamily property, which will be rebranded as The Retreat at Market Square, boasts two four- and five-story buildings, containing a total of 91 one-bedroom, 99 two-bedroom and 16 three-bedroom units with 338 parking spaces.

Units include nine-foot ceilings, gourmet kitchens and a full-size washer and dryer. Some units also include private screened-in balconies or sunrooms. The property also boasts a clubhouse, 24-hour fitness center, gourmet community kitchen, an Internet cafe, a sports simulator, resort-style swimming pool, two grilling areas, outdoor fireplaces and a playground.

Mitchel Sabshon, CEO and president of Inland Real Estate Investment Corporation, says the acquisition was “an ideal opportunity” to add a top property to Inland Residential Trust’s multifamily portfolio,

“Positioned in the area’s top school district and within walking distance of a variety of local, national and regional shops, The Retreat at Market Square provides residents uptown features with downtown convenience,” Sabshon said. “This acquisition aligns with Inland Residential Trust’s strategy to purchase high quality residential properties in attractive locations.”

Two shopping centers with a combined 179,350 square feet of retail, located less than a mile from the property, serve the residents of The Retreat at Market Square. Retailers at the centers include Wegmans, Giant Foods, Lowe’s Home Improvement, Marshall’s, HomeGoods, PetSmart, Panera Bread, Noodles & Company, Frederick Wine House and Walmart.