Resource Real Estate Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, signed an agreement to purchase a multifamily community located in the Greater Denver, Colorado area from Fox Ridge Associates, L.P., a California limited partnership. The contract purchase price for the property is approximately $60.3 million, excluding closing costs.
The 300-unit multifamily community totals 293,000 rentable square feet and is located on a 20-acre site with a pool and fitness center. The property was constructed in 1984 and is currently 97.3 percent leased.
The REIT is obligated to make earnest money deposits of up to $1 million, and intends to fund the potential purchase of the with proceeds from its ongoing initial public offering.
Resource Real Estate Opportunity REIT II commenced its initial public offering of in February 2014. The company currently owns a portfolio of seven multifamily properties. As of November 16, 2015, the REIT has accepted aggregate gross offering proceeds of approximately $370.4 million in investor equity. The offering will close at the end of the year.