PHILADELPHIA, April 19, 2013 /PRNewswire/ -- Today, Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate, Inc. ("Resource Real Estate"), a national real estate firm specializing in opportunistic and value-add investing and financing, announces that it has purchased Armand Place ("Armand") in Houston, TX.
Armand is a multifamily residential community with 244-units that consists of 20 buildings across 10 acres. The property is located in Clear Lake, one of the largest communities of Bay Area Houston, and offers its tenants two swimming pools, a 24-hour fitness center, wood-burning fireplaces, parking and a shuttle service to the University of Houston-Clear Lake. Residents also benefit from a diverse local employment base that includes professionals in the aerospace, education, engineering, petrochemical, and technology industries, and points of interest including the University of Houston-Clear Lake and the nearby Johnson Space Center.
Resource Real Estate Opportunity REIT intends to invest capital to improve individual units and common areas, upgrade the landscaping and establish a professional, onsite property management team. Resource Real Estate Opportunity REIT purchased the property on March 28, 2013.
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. Through an entrepreneurial culture, RRE implements a distinctive approach to investing in and managing complex real estate assets. For over two decades RRE and its affiliates have acquired, managed and harvested real estate assets for institutional and individual investors, joint venture partnerships as well as for their own accounts.
RRE owns and manages a real estate portfolio with an aggregate value of approximately $1.7 billion. There are over 600 employees from coast-to-coast with headquarters in Philadelphia and additional offices located in New York City, Los Angeles, Denver and Omaha. RRE is a wholly owned subsidiary of Resource America, Inc., a specialized asset management company. As of December 31, 2012, Resource America managed over $15 billion across various asset classes.
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SOURCE Resource Real Estate