Resource Apartment REIT III Plans to Buy 15-Story Multifamily Property Near Washington D.C.

Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase a 141-unit multifamily property located in Alexandria, Virginia for $36.8 million, excluding closing costs.

Resource Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase a 141-unit multifamily property located in Alexandria, Virginia for $36.8 million, excluding closing costs.

Built in 1975 and renovated in 2006, The Summit Apartments is a 15-story property located four minutes from Old Town Alexandria waterfront and 10 minutes from downtown Washington, D.C.

The 164,140-square-foot property includes a mix of one-, two-, and three-bedroom units and property amenities include a swimming pool, clubhouse, and a fitness center. Rents range from roughly $1,380 to $4,000, and the property is currently 94 percent leased.

Resource Apartment REIT III plans to fund the purchase with proceeds from its ongoing initial public offering and debt proceeds and intends to make certain renovations to unit interiors if the transaction is completed.

In other recent news, the REIT recently declared a $9.12 net asset value per share for its common stock, as of December 31, 2018.

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 million, as of the fourth quarter 2018.

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