DALLAS, TX - Resource Real Estate Opportunity REIT II, Inc. announced that it has purchased its first asset, an apartment community located in Dallas, Texas.
The property encompasses 152 one and two-bedroom apartments and is currently well leased at 99 percent. It features a swimming pool, a business center, and is in close proximity to the Dallas North Tollway, shopping and a dog park.
The property is located in the Platinum Corridor, a neighborhood and submarket that is comprised of over 36 million square feet of office space that includes employers such as Coca Cola, FedEx and Wells Fargo. The area runs along almost 20 miles of the Dallas North Tollway and currently features five new towers under construction with proposals for seven new additional buildings.
The apartment community was built in 1980 and has the potential to benefit from the Opportunity REIT II’s investment strategy. Plans include significant interior and exterior renovations, including upgrades to common areas, the leasing center and individual units.
“We’re pleased to have successfully completed the purchase of the Opportunity REIT II’s first asset,” said Kevin Finkel, President and COO of Resource Real Estate Opportunity REIT II. “Located in the Dallas Platinum Corridor, the property is situated in a market that we believe will continue to experience employment growth. Through our anticipated capital improvements, we believe this property may experience higher resident demand and be able to take advantage of increased rents.”
Resource Real Estate Opportunity REIT II intends to acquire and operate a portfolio of multifamily real estate throughout the United States. The Opportunity REIT II’s objectives are to provide capital preservation, current income and capital appreciation. The Opportunity REIT II is sponsored by Resource Real Estate, Inc., a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities.