Resource Real Estate Opportunity REIT (Opportunity REIT) acquired, delivered value, and sold a multifamily property earning a profit of $11.9 million.
Opportunity REIT purchased The Redford Apartments, an 856-unit located in Houston, Texas, in March of 2012. Resource Real Estate, the REIT’s sponsor, implemented its value-add strategy of professional management and investing capital to enhance the property’s value.
As a result, demand from a group of buyers allowed the REIT to sell and generate a profit plus an average annual return of 15.5 percent.
“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,” commented Kevin Finkel, President and COO of the REIT.
Opportunity REIT closed its public offering in December of 2013