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 that the Board of Directors (the “Board”) commissioned an independent third party appraisal of Opportunity REIT’s portfolio and after review of such appraisal, adopted an estimated share value of $10.59 per share.
The Board engaged Duff & Phelps, LLC (“Duff and Phelps”), a renowned global independent valuation advisor, to appraise Opportunity REIT’s portfolio as of March 31, 2015, and to provide the Board with a range of estimated values per share of Opportunity REIT’s common stock based upon the estimated market value of the REIT’s assets. On June 4, 2015, Duff & Phelps provided the Board with an estimated valuation range from a low of $10.03 per share to a high of $11.20 estimated per share. The Board adopted the mid-point estimate of $10.59 per share as the new share value of the Opportunity REIT.
Kevin Finkel, President and COO of the Opportunity REIT, said, “We believe that the multifamily value-add process that we have developed over the past two decades has significantly contributed to the performance of the properties in the Opportunity REIT portfolio. We continue to provide the Opportunity REIT’s well-located assets with new capital and management expertise in an effort to increase revenues. In our opinion, the recent appraisal indicates that our work to date has been successful and we look forward to continuing to add value to the Opportunity REIT’s portfolio of investments.”
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 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 $3.6 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of March 31, 2015, Resource America managed $20.6 billion across various asset classes.
