Close

Resource Real Estate Opportunity REIT Acquires Woodmoor Apartments in Austin

March 5, 2015 9:01 AM EST

-Real estate investment trust purchases property in desirable Austin location with plans to renovate and upgrade-

PHILADELPHIA--(BUSINESS WIRE)-- Resource Real Estate Opportunity REIT, Inc. (“Opportunity REIT”), a non-traded real estate investment trust sponsored by Resource Real Estate, Inc. (“Resource Real Estate” or “RRE”), today announced the acquisition of the Woodmoor Apartments (“Woodmoor”) in Austin, Texas.

Austin has consistently been among America’s fastest growing cities and, according to the U.S. Census Bureau, has seen its population grow by 37 percent over the past decade. Austin continues to attract young, creative residents who generate significant economic growth by attracting high-paying employers in innovative industries. Cities like Austin remain a focus for the Opportunity REIT, which seeks to invest in areas with strong job growth for creative and service class workers.

Woodmoor is a 208-unit multifamily residential community that consists of 16 two-story buildings and approximately 152,000 of net rentable square feet. The property offers amenities including a swimming pool with a lounge, a dog park, a clubhouse, a fitness center, computer stations, and spacious outdoor areas for outdoor play and barbeque. Woodmoor is expected to benefit from an extensive value-add strategy that includes deploying new capital to improve the property through enhancements to individual units and common areas, exterior painting and landscaping.

Kevin Finkel, President and COO of the Opportunity REIT, said, “Woodmoor is the latest in a line of strategic investments for the REIT in properties that can benefit from our value-add strategy and professional management. We are excited to continue the expansion of RRE’s portfolio of apartments in Austin, a city that continues to attract the best and the brightest talent from around the U.S. Woodmoor is a strong example of the types of value-add properties we believe will be accretive to the REIT’s success.”

About Resource Real Estate Opportunity REIT

Resource Real Estate Opportunity REIT acquires and operates a portfolio of multifamily real estate throughout the United States. Opportunity REIT’s objectives are to provide capital preservation, current income and capital appreciation. Opportunity REIT is sponsored by Resource Real Estate, Inc., a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Resource Real Estate is a wholly owned subsidiary of Resource America (NASDAQ: REXI).

About Resource Real Estate

Resource Real Estate (RRE) is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. For over two decades, RRE and its affiliates have managed real estate assets for institutional and individual investors. RRE and its parent company have offices in New York, Los Angeles, Denver, London, Singapore, Sydney as well as its headquarters in Philadelphia and additional locations across the US.

RRE owns and manages real estate assets with an aggregate value of approximately $3.1 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of September 30, 2014, Resource America managed $19.4 billion across various asset classes.

Media Contact:
Gregory FCA for Resource Real Estate
Freddy Martino, 610-228-2093
[email protected]
or
Company Contact:
Resource Real Estate
Marianne McGuire, 267-256-5964
Director of Marketing
[email protected]

Source: Resource Real Estate Opportunity REIT, Inc.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Definitive Agreement