Resource Real Estate Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust that specializes in multifamily properties, purchased a multifamily community in Homewood, Alabama from an unaffiliated seller for approximately $30.1 million, excluding closing costs. The DI Wire first reported on the purchase and sale agreement for the property back in April.
The Homewood property, which was constructed in two phases in 1968 and 1972, totals approximately 288,050 square feet and is situated on a 15-acre site. The 274-unit property includes two swimming pools, a fitness center and a playground and is 90 percent leased. The company intends to replace the roofs and upgrade the common areas and unit interiors.
The company funded a portion of the purchase price through the assumption of two mortgage loans encumbering the Homewood property. The company funded the remainder of the purchase price with proceeds from its ongoing initial public offering.
In other Resource Real Estate Opportunity REIT II news, earlier this month, The DI Wire reported that the company entered into an agreement to purchase a multifamily community in Dallas.
As of August 10, 2015, the company has accepted aggregate gross offering proceeds of approximately $274.3 million related to the sale of 27.5 million shares of common stock, including distribution reinvestment plan shares. The REIT will close its public offering on December 31, 2015.
Resource Real Estate Opportunity REIT II is sponsored by Resource Real Estate Inc., a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Resource Real Estate owns and manages real estate assets with an aggregate value of approximately $3.6 billion. Resource Real Estate is a wholly-owned subsidiary of Resource America (NASDAQ: REXI).