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 the acquisition of the Yorba Linda Apartments in Yorba Linda, California.
Yorba Linda Apartments is a 400-unit multifamily residential community that consists of 50 two-story buildings and approximately 400,000 net rentable square feet. The property offers amenities including a clubhouse, a business center, a fitness center, two swimming pools, a wading pool, two lighted tennis courts, a playground, covered parking and spacious areas for outdoor activity. Yorba Linda Apartments are expected to benefit from an extensive value-add strategy that includes new capital to improve the exterior of the property and to upgrade the common areas and individual units to a more modern look and feel.
Orange County is located in the heart of Southern California and is often referred to as the “California Riviera” given its desirable climate and 42 miles of Pacific coastline. Orange County is the sixth most populous county in the United States with over 3.1 million residents and is the 12th largest high-tech base in the country. Yorba Linda, situated in northeastern Orange County, was originally a master-planned community designed in 1967 and is now one of Orange County’s most affluent cities. The Yorba Linda submarket has historically been protected from new apartment supply with only 402 new apartment units having been constructed there in the past 20 years.
Kevin Finkel, President and COO of the Opportunity REIT, said “We are very pleased to be able to execute the purchase of Yorba Linda Apartments on behalf of the Opportunity REIT and its investors. The property’s strategic location, insulation from competition, and excellent resident base make it a strong addition to the Opportunity REIT’s portfolio. Yorba Linda is one of the premiere locations in Southern California for apartment operators, but the market clearly is in need of upgraded apartments. We believe we can fill this significant demand with our management expertise and proven value-add strategy.”
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 $3.1 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of December 31, 2014, Resource America managed $20 billion across various asset classes.