REIT Acquires Foreclosed Multifamily Asset for $10.1 Million
Resource Real Estate Opportunity REIT has purchased Nob Hill Apartments for $10.1 million, excluding closing costs, from a financial institution that previously foreclosed on the property.
The Philadelphia-based REIT focuses on acquiring distressed commercial real estate assets with current operating issues and capital deficiencies that are in need of stabilization by experienced management and new capital investment. Through the end of 2012, Resource Real Estate managed a portfolio of approximately $1.8 billion in real estate assets, which includes multifamily, office, retail and hospitality sectors.
For Nob Hill Apartments, the REIT plans to invest additional capital on property improvements, such as renovations to individual units and the common area as well as exterior painting and landscaping.
Nob Hill Apartments, located in Winter Park, Fla., is a 192-unit multifamily residential community that consists of seven buildings on approximately 10 acres.
Amenities that residents benefit from utilizing at the property include a swimming pool, fitness center, club room, business center, theater, sauna and tennis and shuffleboard courts.