Resource Real Estate Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, entered into agreements to purchase two multifamily communities for $131.9 million.
The first potential acquisition is located in Boulder, Colorado and consists of 216 units located on approximately 24 acres with a swimming pool and business center. The purchase price is approximately $65.2 million, excluding closing costs. The seller of the Boulder property, TRM – Meredith Park Corp., is unaffiliated with the company.
The second potential acquisition is located in the Chicago suburb of Naperville, Illinois and consists of 319 units located on an approximately 19-acre site with a swimming pool and a fitness center. The purchase price for the Naperville property is approximately $66.7 million, excluding closing costs. The seller, HART Grand Reserve LLC, is unaffiliated with the company.
Resource Real Estate Opportunity REIT II intends to fund both purchases with proceeds from its ongoing initial public offering.
Resource Real Estate Opportunity REIT II commenced its initial public offering in February 2014 and currently owns a portfolio of seven multifamily properties. As of November 16, 2015, the REIT had raised gross offering proceeds of approximately $370.4 million. The company has announced that its offering will close at the end of the year.