A Rare Retreat for Inland: Liquidating an Apartment REIT
November 2, 2018 | Alby Gallun | Crain’s Chicago Business
More than a decade ago, raising money seemed effortless for Inland Real Estate Group, which brought in $300 million a month or more through sales of stock in its real estate investment trusts.
It’s not so easy anymore. The Oak Brook-based real estate conglomerate is liquidating an apartment company, Inland Residential Properties Trust, that it launched three years ago with a $1 billion fundraising goal. The total so far: just $50 million. In September, the REIT’s board voted to call it quits, sell off its three properties—including one in north suburban Vernon Hills—and pay back investors.
The move represents a remarkable retreat for Inland, a once-dominant competitor in the market for nontraded, or unlisted, REITs, public real estate investment firms whose shares don’t trade on a stock exchange. Since the bust, Inland has fallen to the back of the unlisted REIT fundraising pack amid new regulations, changes in the way shares are sold and new competition from firms like Blackstone Group.
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