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"), announced that it has completed the purchase of an apartment community located in Plano, Texas, named one of America’s safest cities by Forbes.
The property has 142 units with a selection of one, two, and three bedroom apartments, as well as select town home options. Amenities include a swimming pool, private back yards, a dog park, basketball, tennis and volleyball courts, and access to a walking trail.
The Opportunity REIT intends to invest additional capital on property improvements, including individual unit and common area upgrades, exterior improvements, a renovated leasing center as well as adding its experienced property management team.
“We’re excited to add to our significant presence in Texas, a state that continues to lead the nation in job creation,” said Kevin Finkel, Executive Vice President of Resource Real Estate. “On the same day we closed on the property, Toyota announced that it will move its national headquarters to Plano, after being in the Los Angeles suburbs for the past 50 years. Toyota plans to create a campus that will bring together 4,000 employees from manufacturing, sales, marketing, and corporate operations from around the country. We believe that the property will be an ideal place to live for the growing community.”
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 U.S.
RRE owns and manages real estate assets with an aggregate value of approximately $2.5 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of December 31, 2013, Resource America managed $17.3 billion across various asset classes.