Resource Apartment REIT III Inc. a publicly registered non-traded real estate investment trust, will close its primary public offering on October 31, 2019. The company noted that subscriptions and all related documents and funds must be received in good order by November 15, 2019.
In December 2018, Resource Apartment REIT III announced plans to file a registration statement for a proposed follow-on offering of its common stock.
At the time, the REIT said that it expected 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.
In March 2019, Resource III reported a NAV of $9.12 per share, 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 $106.7 million in investor equity, as of August 6, 2019. The REIT’s portfolio was comprised of five multifamily properties purchased for approximately $138 million, as of the fourth quarter 2018.