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Inland Residential buys apartment community for $37M

Inland Residential Properties Trust Inc. through its indirect wholly-owned unit IRESI Montgomery Mitylene LLC purchased an apartment community at 8850 Crosswind Circle in Montgomery, Ala., from Verandas at Mitylene LLC for $36.6 million, plus closing costs.

The 332-unit Verandas at Mitylene spans 376,968 square feet and was 90.96% occupied as of June 30.

The transaction was partly financed with proceeds from a $21.9 million mortgage loan secured by the property. The balance was funded through offering proceeds.