Market Overview

Resource Real Estate Opportunity REIT Acquires Bristol Apartments

Today, the Resource Real Estate Opportunity REIT, Inc., sponsored by Resource Real Estate, Inc. (“Resource Real Estate”), announces the purchase of Houston-based Bristol Apartments. Resource Real Estate is a national real estate firm specializing in opportunistic and value-add investing in, and financing of, commercial real estate assets with a particular emphasis on multifamily properties.

The property was a Real Estate Owned (REO) asset, meaning it was foreclosed upon and bank owned, and purchased by the Resource Real Estate Opportunity REIT, Inc. for $11.4 million. This represents a 78 percent discount to the property's estimated replacement cost of $53 million. In August 2010, Fannie Mae foreclosed on the property which had an outstanding loan balance of $18.6 million, as reported by Trepp.² Trimont Real Estate Advisors, acting as special servicer on behalf of Fannie Mae, sold the asset.

Resource Real Estate is a wholly owned subsidiary of Resource America, Inc. (NASDAQ: REXI).

Posted-In: News M&A

 

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