Resource Real Estate Opportunity REIT II, Inc. (Opportunity REIT II) recently acquired a 216-unit multifamily community in Atlanta, Georgia for $32.5 million exclusive of closing costs. At the time of closing, the property was 91 percent leased.
The community, named Uptown Buckhead, consists of 159,600 net rentable square feet and offers many amenities and conveniences to its residents including a resort-style swimming pool, fitness center, business center, and a fully-equipped car care center plus close proximity to upscale restaurants, nightlife, and retail centers.
“The Buckhead area has garnered a great deal of buzz because of its vibrant urban lifestyle and walkability factor. Uptown Buckhead is in a great location and close to all of the exciting retail, entertainment and nightlife the area has to offer, and we’re thrilled to add it to Opportunity REIT II’s asset portfolio,” commented Kevin Finkel, President and COO of Opportunity REIT II, in a press release.
Built in 1989, the property will benefit from Opportunity REIT II’s value add investment strategy. The REIT plans to redesign the clubhouse, fitness center and pool areas, plus paint the façade and upgrade each of the unit interiors. Uptown Buckhead sits on a 5.3 acre property.
Opportunity REIT II commenced its public offering in February of 2014. Through April 1, 2015, it has accepted gross offering proceeds of about $136.8 million from the sale of approximately 13.7 million shares. 86.2 million shares of common stock remain available for sale.