MacKenzie Realty Capital Inc., a non-traded business development company, recently tendered 11,500 units of limited partnership interest in Resource Real Estate Investors 7, or approximately 0.35 percent of the total outstanding units. Mackenzie offered to purchase up to 400,000 units.
As previously reported by The DI Wire, Mackenzie lowered its original tender offer price by 50 percent to $2.50 per unit for up to 400,000 units, or 12.24 percent of all outstanding.
Mackenzie rescinded its previous $5.00 per unit offer due to a previously undisclosed $1.92 per unit distribution that was made on December 1st. In addition, RRE7 had a previously undisclosed estimated net asset value of its units, which after the recent distribution, had decreased to $5.54.
Resource Real Estate Investors 7 is a Delaware limited partnership that owns and operates multifamily residential rental properties in Maine, Texas and South Carolina. The partnership is expected to terminate on March 28th of this year, but they could extend the date by two years.
MacKenzie Capital Management LP, a real estate investment management business based in Moraga, CA, has specialized in the area of discounted real estate securities and asset management since its formation in 1982.