The DST owns a Class A, private pay, 186-unit senior living community in Algonquin, Illinois. The community is comprised of independent living, assisted living and memory care units.

Conveniently located at the northeast border of FSU campus, the seven-story property will include 367 units and 1,316 beds in studio through six-bedroom floor plans.

“We are thrilled to close the offering of IVP’s newest development,” said Rod Curtis, president of Inland Venture Partners.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, LLC, with assistance from David Neboyskey, VP and associate counsel of The Inland Real Estate Group, LLC, Law Department, completed the deal on behalf of an Inland affiliate.

The project will include a build-to-rent community, retail space and a medical facility, and will be built across 90 acres of land acquired by GTIS and Clyde.

While this boom may seem like a response to housing demands, it could lead to an oversupply in the market, especially if economic conditions change or if the actual demand for these new apartments fails to meet projections.

Summit Townhomes is under a 30-minute drive from downtown Knoxville. The Knoxville MSA has a population of 747,185 and is projected to increase by 3.6% over the next five years.

The site is considered an Opportunity Zone within the Charlotte MSA, and is expected to be developed into approximately 850,000 to 930,000 square feet of industrial warehouse space across two phases.

At $2.9 billion, residential investments – across 25 apartment communities and 4,400 single-family rental homes – account for 44% of Income Property Trust’s overall portfolio.