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 sale of Domain at Holcomb Bridge (“Domain”).
The Opportunity REIT held a 42.5 percent ownership interest in Domain with an unaffiliated partner. Domain is a 420-unit multifamily residential community located in Norcross, Georgia. On January 27, 2016, Domain was sold, generating a profit to the Opportunity REIT of approximately $900,000 and an average annual return of 9.1 percent.
Kevin Finkel, President and COO of the Opportunity REIT, said, “We are very pleased to be able to complete another successful transaction for the Opportunity REIT. This is the 15th asset sale completed by the REIT since its inception in 2010, with those sales generating a weighted average return of over 16 percent. This deal exemplifies our ongoing ability to execute a proven and repeatable strategy of acquiring apartments in need of management expertise and capital investment while generating returns for investors through the successful operation and eventual sale of such apartments."
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 U.S.
RRE owns and manages real estate assets with an aggregate value of approximately $4.6 billion. RRE is a wholly owned subsidiary of Resource America (NASDAQ: REXI). As of September 30, 2015, Resource America managed $21.7 billion across various asset classes.