WINTER PARK, FL - 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 Nob Hill Apartments from a financial institution that earlier foreclosed on the property.
Nob Hill is a 192-unit multifamily residential community that consists of seven buildings and sits on approximately 10 acres. The property is located on the eastern border of Winter Park, Florida, approximately 200 yards from the major intersection of Semoran Boulevard and Aloma Avenue. It is several miles from Downtown Orlando and a number of major employers, including Full Sail University, Winter Park Memorial Hospital, the University of Central Florida and Lockheed Martin. Residents also benefit from the property's amenities, which include a swimming pool, fitness center, club room, business center, theater, sauna, and tennis and shuffleboard courts.
Resource Real Estate Opportunity REIT intends to invest additional capital on property improvements, including individual unit and common area renovations and repairs, exterior painting and landscaping, as well as installing its experienced property management team. Resource Real Estate Opportunity REIT purchased the property on June 27, 2013 for $10.1 million, excluding closing costs.
Resource Real Estate Opportunity REIT seeks to acquire distressed multifamily REO properties experiencing operational and capital deficiencies that are in need of stabilization. Nob Hill is a good example of this type of opportunistic investment.
Resource Real Estate 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, London, Singapore as well as its headquarters in Philadelphia and additional locations across the U.S.