Resource Apartment REIT III to Buy Multifamily Property Near Atlanta

Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase a 324-unit multifamily property in the Atlanta suburb of Austell, Georgia.

Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase a 324-unit multifamily property in the Atlanta suburb of Austell, Georgia for $44.4 million, according to a filing with the Securities and Exchange Commission. The property name was not disclosed.

Built in 1999, the property is comprised of nearly 350,000 rentable square feet and is currently 95 percent leased. Community amenities include a swimming pool, clubhouse, fitness center, and tennis court.

Resource REIT III will make a $1 million earnest money deposit and plans to fund the purchase with offering and debt proceeds.

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 has raised $41.3 million in investor equity since inception. As of the third quarter of 2017, the REIT owned two multifamily properties purchased for $30.8 million, according to Summit Investment Research.

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