Source: Resource Real Estate Opportunity REIT / #Apartments #Multifamily
HOUSTON, TX - Resource Real Estate Opportunity REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, announced the successful sale of The Redford Apartments, an 856-unit multifamily residential community located in Houston, Texas.
Originally acquired in March 2012, The Redford benefited from RRE’s value-add strategy, professional management and capital infusion. As a result, The Redford was transformed into an optimized property that attracted a strong group of buyers. The sale of The Redford resulted in a cash profit of $11.9 million, and an average annual return of 15.5 percent.
Kevin Finkel, President and COO of the Opportunity REIT, notes, “We are very pleased with the physical and financial transformation that this property went through since we acquired it. The successful execution of the sale is beneficial for our investors and a strong indicator that our strategy continues to be validated.”
Resource Real Estate Opportunity REIT acquires and operates a portfolio of multifamily real estate throughout the United States. Opportunity REIT’s objectives are to provide capital preservation, current income and capital appreciation. Opportunity REIT 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.