Resource Real Estate Opportunity REIT, Inc. (the REIT), a public, non-traded REIT, is now closed after raising $635 million, 30% of which came after October 1st, 2013. The REIT is managed by Resource America, Inc., an asset management company focused on real estate and credit investments.
“We are extremely pleased with the Opportunity REIT’s successful offering. Resource America has a long history of successful investing in real estate, and we are glad to extend that history through our management of the Opportunity REIT,” commented Jonathan Cohen, President and CEO of the Company.
The REIT seeks to acquire underperforming and distressed multifamily properties with the potential to appreciate in value through investment and experienced property management.
As of September 30th, 2013, the portfolio consisted of 21 properties in 12 states with 33% of the units located in Texas. The total purchase price for these assets was over $292 million.
As one fund closes, an initial offering is pending. Resource America, Inc. has filed an amended S11 Registration form for the Resource Real Estate Opportunity REIT II, Inc. with the last revision as of December 20th, 2013.