Inland Real Estate Investment Corp. has raised more than $71.7 million in equity for its private investment offering of Inland Jersey City Multifamily DST (DST), a Delaware statutory trust sponsored by Inland Private Capital Corporation.
The fund, sponsored by Inland Private Capital Corporation, is fully subscribed by investors and has closed.
The DST owns 295J Apartments (295J), a Class-A multifamily community at 295 Johnston Avenue in Jersey City, roughly 11 miles from Manhattan. The five-story building with 309 apartment homes comprises 119 studio, 135 one-, 40 two-, and 15 three-bedroom layouts.
There are 3,860 square feet of commercial space on the ground floor.
Each apartment home features upscale amenities, including an open floor plan, high ceilings, oversized closets, custom cabinetry, gourmet kitchens, an in-unit washer and dryer, and ceiling-high windows.
Additionally, its residents have access to a swimming pool, a rooftop dog run with breathtaking views of Manhattan, a pet wash station, 24/7 concierge service, a lounge with co-working space, outdoor grilling stations with a fire pit, a courtyard lawn, Amazon lockers for package delivery, and garage parking.
The multifamily sector presents a significant growth opportunity as the US faces a major housing shortfall, affordability concerns, and ongoing high interest rates, Matthew Fries, chief executive officer and president of Inland Investments, said in a release.
295J is in the fast-rising Bergen-Lafayette neighborhood near Liberty State Park. It is surrounded by transit options to and from Manhattan, including the NJ Transit Light Rail, NY Waterway ferry terminal, 24-hour PATH service, and the Hudson-Bergen Light Rail.
Major thoroughfares in the area include I-78, Route 440, and the New Jersey Turnpike, providing additional access for employers in the neighborhood and in Manhattan. 295J also offers residents convenient walkability to restaurants, boutique shops, retail destinations, and entertainment.
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.
