Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase an apartment community located in Arlington, Texas for nearly $25.9 million, excluding closing costs.
Constructed in 1986, the property is a 190,000-square-foot multifamily community with 248 units and property amenities that include a swimming pool, clubhouse, and a fitness center. The property is currently 94.4 percent leased.
The REIT will make an earnest money deposit of $700,000 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 raised $71 million in investor equity, as of the third quarter 2018, according to Summit Investment Research. The REIT’s portfolio is comprised of five multifamily properties purchased for approximately $138.9 million.