Resource Real Estate Opportunity REIT II to Buy Portland Multifamily Property for $81.5 Million
Resource Real Estate Opportunity REIT II, Inc., a publicly registered non-traded real estate investment trust, entered into an agreement to purchase a multifamily community in Portland, Oregon for approximately $81.5 million, excluding closing costs. The seller, Holland Breckenridge Apartment Homes LLC, is unaffiliated with the company.
Breckenridge Apartments is a 357-unit multifamily community that sits on approximately 23 acres. The property features an outdoor swimming pool, fitness center, tennis court and detached garages. Unit amenities include washer/dryers, dishwashers, extra outdoor storage, patios and balconies and walk-in closets in select units.
The REIT will pay an earnest money deposit of up to $2.5 million in connection with the potential purchase.
Resource Real Estate Opportunity REIT II focuses primarily on underperforming or distressed real estate and real estate loans. The REIT went effective in February 2014 and has raised $555.6 million since inception, according to the April Stanger Market Pulse. As of December 31, 2015, the company owned 10 multifamily properties.
