Resource Real Estate Opportunity REIT Acquires Texas Apartment Community

Named one of America’s safest cities by Forbes, Plano, Texas is home to Resource Real Estate Opportunity REIT, Inc.’s (Opportunity REIT) latest apartment community acquisition.

The apartment community contains 142 units of varying sizes, offering one, two, and three bedroom apartments, in addition to select townhome options. It also has multiple amenities on offer such as a swimming pool, a dog park, private back yards, access to a walking trail, and basketball, tennis, and volleyball courts.

Sponsored by Resource Real Estate, Opportunity REIT is a non-traded REIT that invests in distressed properties. The REIT intends to improve the Plano apartments by upgrading individual units and common areas, renovating the leasing center, improving the exterior, and adding their own management team.

“We’re excited to add to our significant presence in Texas, a state that continues to lead the nation in job creation,” commented Kevin Finkel, Executive Vice President of Resource Real Estate. He continued, “On the same day we closed on the property, Toyota announced that it will move its national headquarters to Plano, after being in the Los Angeles suburbs for the past 50 years. Toyota plans to create a campus that will bring together 4,000 employees from manufacturing, sales, marketing, and corporate operations from around the country. We believe that the property will be an ideal place to live for the growing community.”

Launched in 2009, Opportunity REIT closed to new investors December 13, 2013. As of December 31, 2013, the company had raised aggregate gross offering proceeds of $645.8 million through its private and public offering.