Home Alts News Resource Real Estate Opportunity REIT Acquires a 459-unit Apartment Complex

Resource Real Estate Opportunity REIT Acquires a 459-unit Apartment Complex

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Non-traded real estate investment trust, Resource Real Estate Opportunity REIT, Inc., recently acquired an apartment complex in Gilbert, Arizona, a suburb of Phoenix.

Kevin Finkel, President and COO of the Opportunity REIT, said, “We are excited to make our first strategic acquisition in the Phoenix metropolitan area. As Phoenix’s growing economy and real estate market enters into a healthier, more balanced point relative to previous years, we are seeing a strong demand for renovated, well-located market rate apartments that are both attractive and affordable to Phoenix’s workforce.”

The Springs at Gilbert Meadows Apartments offers 459 apartments throughout 20 two-story buildings on 22 acres. In total, the community consists of about 320,000 net rentable square feet. Residents have access to the Downtown Heritage District which provides restaurants, shops, cultural attractions, and parks via a five-minute walk.

“The Springs’s unique location allows its residents to walk to Gilbert’s pedestrian-friendly historic downtown, as well as easily access the many jobs that have been attracted to Gilbert. When we are finished with our extensive renovations, residents will be able to enjoy this walkable location, in a renovated, well-priced apartment,” added Finkel.

Considered an affluent suburb of Phoenix, Gilbert offers residents access to employment, entertainment centers, and a nationally ranked K-12 education system.