PHILADELPHIA--(BUSINESS WIRE)--Resource Real Estate, Inc. (“Resource Real Estate”), a global real estate firm specializing in direct investments, commercial lending and global securities, has completed the sale of two Houston, Texas properties, Parkway and Parkgreen Apartments. These properties were owned by a fund managed by Resource Real Estate.
Parkway and Parkgreen Apartments have a combined 655 apartment units that were purchased in March 2010. At the time, they provided an opportunity for the firm to execute its opportunistic and value-add strategy, which included upgrading the properties’ facilities and then remarketing them to optimize performance.
The properties were successfully sold in September 2013 for more than two times the initial purchase price. The investment in Parkway and Parkgreen generated approximately $8 million in gains and a profit of approximately 65 percent.
“The profit from the sale of Parkway and Parkgreen is an excellent example of our strategy at work and the advantageous returns we can offer our investors,” said Resource Real Estate Chief Executive Officer Alan Feldman. “By purchasing distressed, underperforming assets, and investing additional capital to bring them back to life, we can accomplish two objectives; first, providing good, clean, safe and well-managed housing for residents, and second, providing solid returns for the investors in our managed funds.”
About Resource Real Estate
Resource Real Estate (“RRE”) is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. For over two decades, RRE and its affiliates have managed real estate assets for institutional and individual investors. RRE and its parent company have offices in New York, Los Angeles, London, Singapore, Sydney as well as its headquarters in Philadelphia and additional locations across the U.S.
RRE owns and manages real estate assets with an aggregate value of approximately $1.9 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of June 30, 2013, Resource America managed $16.1 billion across various asset classes.