Non-traded REIT, Resource Real Estate Opportunity REIT, Inc. (Opportunity REIT), announced today the sale of a 292-unit multifamily community which resulted in a 14.7 percent internal rate of return and $2.7 million in profits.
Located in Houston, Texas, The Alcove was originally acquired in 2012. Resource Real Estate, Inc., the sponsor of Opportunity REIT, invested in the property with both capital and professional management, resulting in an enhanced asset that drew interest from many buyers, according to a company statement.
“We are very pleased with result of The Alcove apartments sale. As our portfolio continues to mature, part of our strategy will remain to look for similar selective market opportunities through potential additional sales,” commented Kevin Finkel, President and COO of the REIT.