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 an increased annual distribution rate to 6 percent from 4 percent.
Many of the Opportunity REIT’s apartment communities have benefited from RRE’s value-add process that included renovations to individual units and common areas, as well as improved amenities and property management. As a result, the Opportunity REIT increased property revenues through increased rents and occupancies. To date, the Opportunity REIT’s cash-on-cash return for stabilized assets is 8.1 percent and its dispositions have resulted in an average return of 11.3 percent to the REIT.
“The Opportunity REIT continues to meet our expectations and a growing distribution to our investors is a direct result of the successful performance of its assets. Our unique investment process has increased property cash flows and continues to add value to the REIT’s assets,” said Kevin Finkel, President and COO of the Opportunity REIT.
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.