Resource Real Estate Opportunity REIT II Buys $60 Million Denver Multifamily Property

Resource Real Estate Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, purchased a multifamily community in the greater Denver, Colorado area from an unaffiliated seller. The purchase price was approximately $60.3 million, excluding closing costs.

Constructed in 1984, the 293,000-square-foot multifamily property contains 300 units located on an approximately 20-acre site. The property, which includes a pool and fitness center, is currently 97.3 percent leased.

The company funded the purchase price with proceeds from its initial public offering and intends to upgrade the unit interiors and common area amenities.

Resource Real Estate Opportunity REIT II invests in multifamily properties. It commenced its initial public offering in February 2014, and as of December 22, 2015, raised $479.2 million in investor equity.