Resource Real Estate Opportunity REIT, Inc. (Opportunity REIT), fresh off a property sale announced earlier this week, has now acquired a multifamily property in Austin, Texas. The 208-unit Woodmoor Apartments consists of 16 two-story buildings and about 152,000 net rentable square feet.
Opportunity REIT plans to employ its extensive value-add strategy deploying new capital to improve both individual units and common areas, plus beautifying the exterior with painting and landscaping.
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“Woodmoor is the latest in a line of strategic investments for the REIT in properties that can benefit from our value-add strategy and professional management,” commented Kevin Finkel, President and COO of the Opportunity REIT.
Austin’s population has grown considerably over the years, made up of young, educated, creative workers that demand high-paying jobs. The city has recently been ranked on several lists for top technology cities and even earned the number one spot in a survey by the London-based Savills as reported by the Wall Street Journal.
“We are excited to continue the expansion of RRE’s portfolio of apartments in Austin, a city that continues to attract the best and the brightest talent from around the U.S. Woodmoor is a strong example of the types of value-add properties we believe will be accretive to the REIT’s success,” added Finkel.
Residents of Woodmoor enjoy a swimming pool with a lounge, a clubhouse, a fitness center, computer stations, and spacious outdoor areas, among other amenities.