Oak Brook, Ill. – Inland Residential Properties Trust, Inc. (“Inland Residential” or the “Company”), a non-listed real estate investment trust sponsored by Inland Real Estate Investment Corporation (“Inland Investments”), announced today that its board of directors approved an estimated per share net asset value (“NAV”) of $23.15 for the Company’s Class A Shares, $24.32 for Class T Shares and $23.55 for Class T-3 Shares, as of December 31, 2017. The estimated per share NAVs represent an increase over the Net Investment Value shown on investor account statements of 2.9 percent, 8 percent and 4.6 percent, respectively. This is the first time the Company has determined an estimated per share NAV.
Inland Residential engaged Duff & Phelps, LLC, a leading global valuation advisor with expertise in complex valuation, to provide the valuation analysis of the Company.
“Multifamily real estate has been a core competency of The Inland Real Estate Group of Companies, Inc. for a half-century,” said Mitchell Sabshon, chief executive officer and president of Inland Real Estate Investment Corporation. “Inland Residential’s portfolio of high quality residential properties in attractive locations underscores our Company’s deep knowledge, innovation and property management expertise in the multifamily sector. I am pleased that we are continuing to add value to this cornerstone real estate sector as evident in Inland Residential’s valuation.”
As previously announced in an industry-leading policy change, Inland Residential does not, and Inland Investments’ future non-listed real estate investment trusts (“REITs”) will not, charge any real estate-related transaction fees, providing a lower fee, institutional-type structure to investors.
“As the first company in the industry to eliminate all real estate-related transaction fees, we believe this fee structure will have a positive impact on entity-level performance and emphasizes Inland Investments’ commitment to standing shoulder-to-shoulder with our investors,” said Sabshon. “Eliminating transaction-based fees has created a business model that allows us to better align our interests with those of our REIT investors.”
About Inland Residential Properties Trust, Inc.
Inland Residential Properties Trust, Inc. was formed to acquire, directly or indirectly, a geographically diverse portfolio primarily of Class A and Class B multifamily properties located in the top 100 metropolitan statistical areas throughout the United States. Inland Residential Properties Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.