Resource Apartment REIT III Declares First Net Asset Value

The board of Resource Apartment REIT III, a publicly registered non-traded real estate investment trust, approved an estimated per share net asset value of its common stock.

The board of Resource Apartment REIT III, a publicly registered non-traded real estate investment trust, approved an estimated per share net asset value of its common stock of $9.05, as of March 31, 2018.

The company engaged Duff & Phelps to assist with the valuation process, which estimated a value per share range of $8.71 to $9.42, with an approximate midpoint value of $9.05 per share. The valuation was performed in accordance with Institute of Portfolio Alternatives (formerly the Investment Program Association) guidelines.

Resource Apartment REIT III previously sold Class A and Class T shares of common stock for $10.00 and $9.47 each, respectively. In July 2017, the company stopped offering Class A and Class T shares and started offering Class R and Class I shares for $9.52 and $9.13 each, respectively.

Class R and Class I shares are now priced at $9.68 and $9.28 per share, respectively.

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 $58 million in investor equity, as of June 2018. The REIT’s portfolio is comprised of three multifamily properties purchased for $76 million, according to Summit Investment Research.

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