Source: Resource Real Estate Opportunity REIT / #Apartments #Multifamily
TAMPA, FL - Resource Real Estate Opportunity REIT, Inc., a non-traded real estate investment trust sponsored by Resource Real Estate, Inc., announced the sale of Campus Club Apartments in Tampa, Florida, for $10.5 million.
Campus Club Apartments was purchased by the Opportunity REIT as a non-performing note in October 2011 for $8.3 million, which was later converted into equity ownership. The sale of the property generated a total profit of $2.9 million.
The property was built in 2005 and benefited from exterior updates and interior unit renovations. Since acquiring the property, the Opportunity REIT has increased net operating income through improved revenue and expense management.
Campus Club Apartments is a 64-unit, 256-bed student housing community located in the third most populous city in Florida. Resident amenities include a fitness center, clubhouse, pool, tanning salon, business center and game room.
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 $2.6 billion.