Oak Brook, Illinois-based Inland Real Estate Investment Corporation announced the completion of more than $71.7 million in equity raised in the private investment offering of Inland Jersey City Multifamily DST, a Delaware statutory trust sponsored by Inland Private Capital Corporation. The offering has been fully subscribed by investors and is now closed.
The DST owns 295J Apartments which are located at 295 Johnston Avenue in Jersey City, New Jersey, approximately 11 miles from Manhattan. The property consists of a five-story building providing 309 apartment homes, comprised of 119 studio, 135 one-, 40 two- and 15 three-bedroom layouts. Each unit features amenities, including an open floor plan, high ceilings, custom cabinetry, an in-unit washer and dryer, and ceiling-high windows.
“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.
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