Source: Resource Real Estate Opportunity REIT / #Apartments #Multifamily
AUSTIN, TX - Resource Real Estate Opportunity REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, Inc. announced the acquisition of the Woodmoor Apartments in Austin, Texas.
Austin has consistently been among America’s fastest growing cities and, according to the U.S. Census Bureau, has seen its population grow by 37 percent over the past decade. Austin continues to attract young, creative residents who generate significant economic growth by attracting high-paying employers in innovative industries. Cities like Austin remain a focus for the Opportunity REIT, which seeks to invest in areas with strong job growth for creative and service class workers.
Woodmoor is a 208-unit multifamily residential community that consists of 16 two-story buildings and approximately 152,000 of net rentable square feet. The property offers amenities including a swimming pool with a lounge, a dog park, a clubhouse, a fitness center, computer stations, and spacious outdoor areas for outdoor play and barbeque. Woodmoor is expected to benefit from an extensive value-add strategy that includes deploying new capital to improve the property through enhancements to individual units and common areas, exterior painting and landscaping.
Kevin Finkel, President and COO of the Opportunity REIT, said, “Woodmoor is the latest in a line of strategic investments for the REIT in properties that can benefit from our value-add strategy and professional management. We are excited to continue the expansion of RRE’s portfolio of apartments in Austin, a city that continues to attract the best and the brightest talent from around the U.S. Woodmoor is a strong example of the types of value-add properties we believe will be accretive to the REIT’s success.”