Resource Real Estate Opportunity REIT, Inc. (“Opportunity REIT”), a non-traded real estate investment trust sponsored by Resource Real Estate, Inc., announced that it has completed the purchase of Berkeley Run and Berkeley Trace, two apartment communities located in Atlanta, Georgia, for a combined price of $51.8 million.
Berkeley Run offers 194 units over 14.5 acres with a selection of one, two, and three bedroom apartments. Amenities include a salt water swimming pool, fitness center, tennis court, business center, clubhouse, and individual garages. A quarter mile down the road is Berkeley Trace, a 165-unit, 5.5 acre gated community with one and two bedroom apartments featuring private balconies, a business center, housekeeping service, a clubhouse, and a state-of-the-art fitness center.
The properties are located less than a mile from Atlanta’s Perimeter Center, which is a neighborhood that includes Perimeter Mall and one of Atlanta’s largest business districts comprising 29 million square feet of office space.
The Opportunity REIT intends to invest additional capital on property improvements, including individual unit and common area upgrades, exterior improvements, and adding an experienced property management team.
About Resource Real Estate
Resource Real Estate (“RRE”) is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. For over two decades, RRE and its affiliates have managed real estate assets for institutional and individual investors. RRE and its parent company have offices in New York, Los Angeles, Denver, Houston, London, Singapore, Sydney as well as its headquarters in Philadelphia and additional locations across the U.S.
RRE owns and manages real estate assets with an aggregate value of approximately $2.6 billion. RRE is a wholly owned subsidiary of Resource America (REXI). As of March 31, 2014, Resource America managed $17.8 billion across various asset classes.
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- Real Estate Investment Trusts (REITs)
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