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Resource Real Estate Opportunity REIT Acquires Georgia Apartments

Resource Real Estate Opportunity REIT, Inc. (Opportunity REIT) announced today that it has purchased Addison Place Apartments and Townhomes for $70.5 million, exclusive of closing costs.

The 403-unit community is located in Johns Creek, Georgia and features a private lake with a nature walk, two swimming pools, three tennis courts, a fitness center, and an executive business center.

Sponsored by Resource Real Estate, Opportunity REIT is a non-traded REIT that specializes in distressed commercial real estate. Particularly, it invests in deeply discounted multifamily properties that have operational issues that can be resolved through new management and capital investment.

The Addison Place property was constructed between 1999 and 2004 and Opportunity REIT plans to update the unit interiors and renovate the clubhouse and leasing center.

Opportunity REIT funded the purchase price with proceeds from its initial public offering, which closed on December 13, 2013.