PHILADELPHIA--(BUSINESS WIRE)--Resource Real Estate Investors 7, L.P. (the “Fund”), a private limited partnership sponsored by Resource Real Estate, Inc. (“Resource Real Estate” or “RRE”), today announces the successful sale of Woodland Hills Apartments.
The Fund acquired Woodland Hills, a 228-unit multifamily residential community located in Atlanta, Georgia, in December 2008. The property benefited from RRE’s proven management expertise and capital improvement program. RRE implemented a significant renovation to the property to upgrade unit interiors, common spaces, and the overall appeal of the asset to attract higher paying residents. Once the property’s performance was optimized, it generated significant interest from potential buyers, and its recent sale produced a cash profit of $3.8 million and an average annual return of 17.7 percent over seven years.
Alan Feldman, CEO of Resource Real Estate, said, “Woodland Hills represents a strong execution of RRE’s proven methodology of acquiring undervalued apartments in need of new capital and improved management, putting that capital and management to optimal use, and executing a successful sale as a result. This asset was strategically acquired and expertly managed by RRE’s experienced team of real estate professionals and has resulted in an impressive outcome for our investors.”
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 $3.3 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of December 31, 2014, Resource America managed $20 billion across various asset classes.