Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has purchased The Park at Kensington, a multifamily community located in Tampa, Florida, for $28.7 million.
Built in 1990, the 204-unit community features a multi-level pool, remodeled clubhouse, lakeside family BBQ area, and lighted tennis court.
“In our search for quality apartment communities situated in high-demand areas, The Park at Kensington stood out,” said chief executive officer Alan Feldman. “It sits in a suburban location experiencing high growth and expanding employment opportunities, surrounded by the lifestyle amenities that today’s renters demand.”
The Park at Kensington is located one mile from I-75’s 19.9 million square feet of office space and a 15-minute commute to downtown Tampa.
In other company news, the REIT recently purchased Matthews Reserve, a 212-unit multifamily community located in the Charlotte suburb of Matthews, North Carolina, for $33.8 million.
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 $66.9 million in investor equity, as of August 28, 2018. The REIT’s portfolio is comprised of five multifamily properties.