Home Alts News Resource Apartment REIT III Buys Multifamily Property Near Atlanta for $44 Million

Resource Apartment REIT III Buys Multifamily Property Near Atlanta for $44 Million

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

Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has purchased Tramore Village, a multifamily property in the Atlanta suburb of Austell, Georgia, for $44.4 million, excluding closing costs.

Built in 1999, the 324-unit community includes two swimming pools, a fitness center, and a lighted tennis court. The property, which is currently 93 percent leased, has access to Tramore Park, a 40-acre country park with 11 recreational sports fields and walking trails.

“We are excited to acquire a community with best-of-market connectivity to where America works and lives,” said CEO Alan Feldman. “Tramore Village is uniquely situated in an area of tremendous capital investment and employment growth that shows no signs of slowing down.”

Tramore Village fronts the highly-trafficked East-West Connector, offering close proximity to over 450,000 jobs and 25 million square feet of Class A office space along metropolitan Atlanta’s I-75 corridor.

Resource Apartment REIT III funded the purchase with a $32.6 million mortgage loan with Berkadia Commercial Mortgage LLC which matures on April 1, 2025 and bears interest at a rate of LIBOR plus 1.80 percent, with a maximum interest rate of 6.25 percent. Monthly payments are interest only for the first three years.

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 $36 million in investor equity, as of the fourth quarter 2017. The REIT’s portfolio is comprised of two multifamily properties purchased for $30.8 million, according to Summit Investment Research.

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