Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has purchased Wimbledon Oaks, an apartment community located in Arlington, Texas, for nearly $25.9 million, excluding closing costs.
Constructed in 1986, Wimbledon Oaks 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 percent leased.
Resource noted that the property is within close proximity to retail, dining, entertainment, and employment opportunities, including Great Southwest Industrial Park, which is home to Lockheed Martin and Quaker Oats.
“Wimbledon Oaks’ position on the map says it all. It’s right in the middle of everything that the area’s renters are looking for: employment, lifestyle opportunities, and good schools for their current or future families,” said Alan Feldman, the REIT’s chief executive officer.
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 $92.8 million in investor equity, as of February 8, 2019. The REIT’s portfolio was comprised of five multifamily properties purchased for approximately $138.9 million, as of the third quarter 2018, according to Summit Investment Research.