Resource Apartment REIT III, Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase Matthews Reserve, a 212-unit multifamily community located in the Charlotte suburb of Matthews, North Carolina. The purchase price for the property is $33.8 million, excluding closing costs.
Built in 1998, Matthews Reserve is comprised of one- to three-bedrooms units with patios or balconies, washer/dryer connections, and full-sized kitchens. Property amenities include a swimming pool with sundeck, fitness center, car-care center, dog park, and clubhouse.
The community sits one mile from US-Route 74, a major interstate with direct access to uptown Charlotte, the home of major corporations that employ more than 85,000 area residents, including Atrium Health, Wells Fargo, Bank of America, and American Airlines.
In other news, the REIT recently declared an estimated per share net asset value of $9.05, as of March 31, 2018.
Resource Apartment REIT III invests in U.S. multifamily rental properties, as well as loans secured by multifamily rental properties. The company’s $1 billion offering was declared effective in April 2016 and raised $58 million in investor equity, as of June 2018. The REIT’s portfolio is comprised of three multifamily properties purchased for $76 million, according to Summit Investment Research.