Resource Apartment REIT III, Inc., a publicly registered non-traded real estate investment trust, plans to file a registration statement for a proposed follow-on offering of its common stock.
The REIT expects to register $500 million Class R and Class I shares at prices based on the estimated net asset value per share, as of the effective date of the registration statement, plus certain offering costs.
On June 29, 2018, Resource III reported a NAV of $9.05 per share and currently offers Class R shares at $9.68 each and Class I shares at $9.28.
While no specific date was disclosed, the company plans to file its follow-on registration statement before terminating the current initial public offering and will use the proceeds to continue to invest in value-add apartment communities, as well as to originate and purchase commercial real estate debt secured by apartment communities.
In other news, The DI Wire recently reported the company’s plans to purchase a 248-unit multifamily community located in Arlington, Texas for nearly $25.9 million, excluding closing costs.
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 $74.4 million in investor equity, as of November 7, 2018. The REIT’s portfolio is comprised of five multifamily properties purchased for approximately $138.9 million.