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).
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