Non-traded REIT, Resource Real Estate Opportunity REIT (Opportunity REIT), recently announced that it has sold Campus Club Apartments in Tampa, Florida for $10.5 million.
Opportunity REIT originally purchased a non-performing promissory note in October 2011, which was secured by a first priority mortgage on the Campus Club Apartments, a student housing community. First purchased for $8.3 million, the $10.5 million note was later converted into equity ownership.
The company has produced $2.9 million of profit from this sale.
Campus Club Apartments was initially built in 2005 and includes 64 four-bedroom suites for a total of 256 beds. It has undergone exterior updates and interior renovations. Amenities include a fitness center, clubhouse, pool, tanning salon, business center, and a game room.
The apartments are conveniently located near the University of South Florida in Tampa and also service University of Tampa and Hillsborough Community College.
Sponsored by Resource Real Estate, Opportunity REIT closed to new investors in December 2013 after raising $645.8 million through its private and public offerings.The REIT focuses on creating a diversified portfolio of discounted U.S. commercial real estate and real estate-related assets.