Resource Real Estate Opportunity REIT Acquires Yorba Linda Apartments

Public, non-traded real estate investment trust (REIT), Resource Real Estate Opportunity REIT (Opportunity REIT) acquired an apartment community in Yorba Linda, California for $118 million. Named the Yorba Linda Apartments, the 400-unit multifamily property consists of 50 buildings, each with two stories, and approximately 400,000 net rentable square feet.

“We are very pleased to be able to execute the purchase of Yorba Linda Apartments on behalf of the Opportunity REIT and its investors. The property’s strategic location, insulation from competition, and excellent resident base make it a strong addition to the Opportunity REIT’s portfolio,” commented Kevin Finkel, President and COO of the Opportunity REIT.

Located in northeastern Orange County, Yorba Linda, designed in 1967 as a master-planned community, is one of Orange County’s most affluent cities.

Finkel said, “Yorba Linda is one of the premiere locations in Southern California for apartment operators, but the market clearly is in need of upgraded apartments. We believe we can fill this significant demand with our management expertise and proven value-add strategy.”

Opportunity REIT plans to improve the exterior of the property and modernize common areas and individual units.

Amenities offered by the community include a fitness center, two swimming pools, a playground, a business center, and a clubhouse, among others.