Inland Investments Closes $83.6M Equity Raise for 393-Unit Multifamily DST in Union, NJ

Oak Brook, Ill.-based Inland Real Estate Investment Corporation has completed an $83.6 million equity raise for the Union Multifamily DST, a Delaware statutory trust holding a 393-unit luxury multifamily community in Union Township, New Jersey, the firm announced April 16, 2026. The private offering, sponsored by Inland Private Capital Corporation, has been fully subscribed and closed.

Summit Court Apartments: A Class A Multifamily Asset Near New York City

The DST owns Summit Court Apartments, a Class A multifamily community located at 1720 Patriot Way in Union Township, approximately 20 miles southwest of New York City. Developed in two phases — with initial construction completed in 2018 and a second phase delivered in 2023 — the property comprises 393 apartment homes across three residential buildings and a clubhouse, offering one-, two- and three-bedroom floor plans.

The community features a resort-style outdoor pool and sundeck, a fitness center with streaming exercise options, a clubhouse with catering kitchen and game room, landscaped courtyards with firepits and lounge seating, a pet grooming room, electric vehicle charging stations, private garages and resident storage areas. Apartment interiors include nine-foot ceilings, in-home washers and dryers, smart-lock entry, stainless steel appliances, quartz countertops and private balconies in select residences.

Location and Transit Access

Summit Court's location in Union Township positions residents within approximately 25 minutes of Manhattan, with access to NJ Transit bus and rail service via the nearby Union and Roselle Park train stations. The property also sits near major transportation corridors, including the New Jersey Turnpike, Garden State Parkway, Interstate 78 and Interstate 278, and is approximately seven miles from Newark Liberty International Airport.

Nearby employment and education anchors include Kean University, regional healthcare providers and retail centers, factors the firm cited in support of sustained rental demand in the northern New Jersey submarket.

"Summit Court exemplifies the high-quality, well-located multifamily communities we continue to target," said Matthew Fries, chief executive officer and president of Inland Investments. "Located just 25 minutes from Manhattan, the property offers residents convenient transit access, proximity to major employment hubs and a modern amenity set that aligns with today's renter preferences. These attributes position Summit Court to support sustained demand in northern New Jersey."

DST Structure and Firm Background

The Union Multifamily DST is structured as a Delaware statutory trust, a vehicle commonly used in 1031 exchange transactions that allows investors to defer capital gains taxes by reinvesting proceeds from prior real estate sales into qualifying replacement properties.

Inland Investments specializes in public and private, tax-advantaged growth and income real estate solutions across the commercial real estate market. The firm, a member company of The Inland Real Estate Group of Companies, Inc., manages a portfolio of approximately $16 billion across 42 states and has facilitated more than $56 billion in acquisitions since its founding in 1968. The firm's vertically integrated platform spans property management, leasing, acquisition, development, redevelopment, construction and real estate financing.

Inland Investments is headquartered in Oak Brook, Illinois, and has been named a Top Workplace by the Chicago Tribune for five consecutive years.