PHILADELPHIA, PA - Resource Real Estate Opportunity REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, Inc., announced that it has acquired all of the real estate assets of Paladin Realty Income Properties, Inc., a non-traded REIT, through a merger of Paladin Realty Income Properties, L.P., the operating partnership of Paladin.
The acquired assets consist of interests in 11 joint ventures, encumbered by approximately $145 million of debt. The Opportunity REIT paid $51.2 million to Paladin OP in exchange for these assets. The 12 properties owned by these joint ventures contain a total of 2,513 apartment units and 75,518 square feet of office space. Some of these properties are located in the following metropolitan areas: Atlanta, GA; Kansas City, MO; Cincinnati, OH; Columbia, SC; Virginia Beach, VA; Louisville, KY; and San Diego, CA.
“We’re pleased to have successfully completed this complex transaction as part of the wind down of Paladin. This is a direct result of our diligence and focus on acquiring multifamily investments that can benefit from our extensive and experienced asset management platform. Paladin’s multifamily assets align well with over 26,000 apartment units currently managed by Resource Real Estate,” said Chief Executive Officer, Alan Feldman.
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, Denver, London, Singapore and Sydney, as well as its headquarters in Philadelphia and additional locations across the U.S.
RRE owns and manages real estate assets with an aggregate value of approximately $2.1 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of September 30, 2013, Resource America managed $16.5 billion across various asset classes.