PHILADELPHIA--(BUSINESS WIRE)--Resource Real Estate Opportunity REIT, Inc. (“Opportunity REIT”), a non-traded real estate investment trust sponsored by Resource Real Estate, Inc. (“Resource Real Estate” or “RRE”), today announced the successful sale of Cityside Crossing Apartments.
Opportunity REIT acquired Cityside Crossing, a 360-unit multifamily residential community located in Houston, Texas, in December 2012. The property benefited from a proven value-add strategy, professional management, and capital enhancements that helped transform Cityside Crossing into an attractive property that gained the interest of capable buyers. As a result, the sale of Cityside Crossing produced a cash profit of $10.7 million, and an average annual return of 28.4 percent.
Kevin Finkel, President and COO of the Opportunity REIT, notes, “The strong returns generated by the Opportunity REIT’s sale of Cityside Crossing is a direct result of RRE’s deft, professional management capabilities that significantly improved the financial performance of this asset. In addition, we acquired Cityside Crossing knowing that the new Palm Center Transit Center, located immediately adjacent to Cityside Crossing and the terminal station for the Metrorail’s new Southeast Line, would add significant value to the property.”
About Resource Real Estate Opportunity REIT
Resource Real Estate Opportunity REIT acquires and operates a portfolio of multifamily real estate throughout the United States. Opportunity REIT’s objectives are to provide capital preservation, current income and capital appreciation. Opportunity REIT 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 is a wholly owned subsidiary of Resource America (NASDAQ: REXI).
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, Denver, London, Singapore, Sydney as well as its headquarters in Philadelphia and additional locations across the US.
RRE owns and manages real estate assets with an aggregate value of approximately $3.1 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of September 30, 2014, Resource America managed $19.4 billion across various asset classes.