Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has completed the purchase of Matthews Reserve, a 212-unit multifamily community located in the Charlotte suburb of Matthews, North Carolina, for $33.8 million, excluding closing costs.
Built in 1998, Matthews Reserve is comprised of one- to three-bedrooms units with patios or balconies, washer/dryer connections, and full-sized kitchens. Property amenities include a swimming pool with sundeck, fitness center, car-care center, dog park, and clubhouse. The property is currently 96 percent leased.
Matthews Reserve sits one mile from US-Route 74, a major interstate with direct access to uptown Charlotte, the home of major corporations that employ more than 85,000 area residents, including Atrium Health, Wells Fargo, Bank of America, and American Airlines.
The REIT’s Chief Executive Officer, Alan Feldman, believes the property’s location, expanding employment opportunities, and lifestyle amenities make it an attractive addition to the REIT’s portfolio.
“We are excited to acquire a community in the middle of it all, with a suburban location close to everything uptown Charlotte and an expanding metropolitan area have to offer,” said Feldman.
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 three multifamily properties purchased for $76 million, according to Summit Investment Research.