PHILADELPHIA, PA - Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate, Inc., a global real estate firm specializing in direct investments, commercial lending and global securities, announced that it has purchased Camden Centennial (“Centennial”) in Littleton, Colorado and Camden Pinnacle (“Pinnacle”) in Westminster, Colorado.
Centennial and Pinnacle are located in affluent, well-educated suburbs of Denver. The properties represent the Company’s entry into the Denver market, which offers a generally strong economy, multiple employment sectors and a young, creative demographic of potential renters.
Centennial is a 276-unit multifamily residential community that consists of 13 buildings and sits on nine acres. Littleton is an affluent, infill southern suburb of Denver, which benefits from a well-educated workforce and a diverse industry base. The property offers residents an outdoor pool and spa, two laundry rooms and a clubhouse that offers a 24-hour fitness center, business center and billiard table.
Pinnacle is a 224-unit multifamily residential community that consists of 11 buildings and sits on seven acres. Pinnacle lies on the edge of Westminster, an affluent, infill northern suburb of Denver. The property is located very close to the 120th Street exit on I-25, granting residents easy access to the Denver Central Business District. Pinnacle offers residents a heated swimming pool with Jacuzzi, clubhouse, fitness center and barbeque area.
Neither of the properties have had significant property-wide upgrades for several years. In an effort to improve and enhance these communities, the Company intends to invest additional capital on property improvements, including enhancements to individual units and common areas, exterior painting and landscaping as well as onsite property management upgrades. The Company purchased Centennial and Pinnacle for an aggregate purchase price of $54.9 million on September 30, 2013.