PHILADELPHIA--(BUSINESS WIRE)--Resource Real Estate Opportunity REIT II, Inc. (“Opportunity REIT II”), a non-traded real estate investment trust sponsored by Resource Real Estate, Inc. (“Resource Real Estate” or “RRE”), today announced the acquisition of Uptown Buckhead in Atlanta, Georgia.
Uptown Buckhead is a 216-unit multifamily residential community that consists of approximately 159,600 net rentable square feet. The property offers many amenities, including a resort-style swimming pool, a state-of-the-art fitness center, a business center with a café, and a fully-equipped car care center. The property is located at the center of a true urban live-work-play environment with walkability and proximity to upscale neighborhood retail, restaurants, and nightlife attractions, including the prestigious new Buckhead Atlanta development.
The apartment community was built in 1989 and has the potential to benefit from the Opportunity REIT II’s investment strategy. Plans include significant interior and exterior renovations, including upgrades to common areas, the leasing center and individual units.
Kevin Finkel, President and COO of Opportunity REIT II, says, “The Buckhead area has garnered a great deal of buzz because of its vibrant urban lifestyle and walkability factor. Uptown Buckhead is in a great location and close to all of the exciting retail, entertainment and nightlife the area has to offer, and we’re thrilled to add it to Opportunity REIT II’s asset portfolio.”
About Resource Real Estate Opportunity REIT II
Resource Real Estate Opportunity REIT II, Inc. intends to acquire and operate a portfolio of multifamily real estate throughout the United States. Opportunity REIT II 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).
All statements and information other than statements of historical fact included in this press release regarding strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. When used, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. You should not place undue influence on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved because of the number of risks and uncertainties, many of which are beyond our control, including but not limited to uncertainties concerning the properties being operated and sold or refinanced, leverage and meeting debt service obligations, operating properties in different locations throughout the U.S., general, market or business conditions and changes in laws or regulations. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.