Source: Resource Real Estate Opportunity REIT / #Apartments #Multifamily
BIRMINGHAM, AL - Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate, Inc., a national real estate firm specializing in opportunistic and value-add investing and financing, announced that it has purchased Autumn Wood Apartments in Birmingham, Alabama.
Autumn Wood is a 196-unit multifamily residential community that consists of 12 buildings and sits on over 17 acres. The property is located in the city limits of Hoover, in Jefferson County, within the greater Birmingham area.
The Hoover area is recognized as an affluent community convenient to most of Birmingham's amenities, including the Riverchase Galleria Mall and a majority of commercial and office development located along the local thoroughfares US Highway 31 and John Hawkins Parkway. The property is located within the acclaimed Hoover School District. Residents also benefit from the property amenities, including a swimming pool, clubhouse, fitness center, basketball court, playground, and washer/dryer connections in all units.
The purchase of Autumn Wood was an "off market" acquisition that was brought directly to Resource Real Estate. RRE believes its strong reputation in the market as an experienced, national purchaser of distressed and value-add apartments and its ability to close this transaction on an all-cash basis on an accelerated timeframe, motivated the seller to approach RRE and accept its offer. Resource Real Estate Opportunity REIT purchased the property on April 18, 2013 for an aggregate price of $8.5 million.
Resource Real Estate is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Through an entrepreneurial culture, RRE implements a distinctive approach to investing in and managing complex real estate assets.