Source: Resource Real Estate Opportunity REIT / #Apartments #Multifamily
JOHNS CREEK, GA - Resource Real Estate Opportunity REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, Inc purchased Addison Place Apartments and Townhomes, a multifamily community located in Johns Creek, Georgia, for $70.5 million.
Addison Place is a community of 403 units offering one, two, three, and four bedroom garden-style apartments, as well as two and three bedroom town home options. Features include a private lake with a nature walk, two swimming pools, three tennis courts, a fitness center and an executive business center. 94 percent of the property is currently leased.
This purchase exemplifies the Opportunity REIT's investment strategy, which seeks to purchase a wide range of multifamily assets that can be significantly improved by renovations and experienced management. The Opportunity REIT plans to add value to Addison Place by improving unit interiors and renovating the clubhouse and leasing center, ultimately upgrading the property to a more modern community with the goal of achieving higher rents.
Resource Real Estate is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. RRE owns and manages real estate assets with an aggregate value of approximately $2.5 billion.