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”), announces the successful sale of Arcadia at Westheimer (“Arcadia”), a 404-unit multifamily community located in Houston, TX.
Originally acquired in 2010, Arcadia benefited from RRE’s value add strategy and professional management style. As a result, Arcadia was transformed into a fully stabilized property that attracted a strong group of buyers. The sale of Arcadia resulted in a profit of $6.2 million for the Opportunity REIT, which equates to an 11.75 percent average annual return.
Kevin Finkel, President and COO of the Opportunity REIT, notes, “We are extremely pleased with the outcome of this transaction. Arcadia was one of the Opportunity REIT’s early acquisitions and the successful sale demonstrates both the strength of our model and our ability to execute it. We anticipate that we will be able to continue to take advantage of the strong market for upgraded and stable cash flowing properties in the coming months.”
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, Houston, 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 $2.8 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ:REXI). As of June 30, 2014, Resource America managed $18.9 billion across various asset classes.