PHILADELPHIA, May 21, 2013 /PRNewswire/ -- Today, Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate, Inc. ("Resource Real Estate" or "RRE"), a national real estate firm specializing in opportunistic and value-add investing and financing, announces that it has sold Town Park Apartments ("Town Park") in Birmingham, Alabama.
Town Park, a 270-unit multifamily property, was acquired through the purchase of a distressed mortgage note in December 2010 for $6.25 million. After foreclosing on the apartment community, Resource Real Estate Opportunity REIT deployed professional onsite property management to address operational inefficiencies. Additional capital was invested to completely renovate 53 outdated units and upgrade the remaining 217 units. Improvements were also made to the property's common areas as well as the exterior grounds and landscaping.
Town Park was rebranded in the community and stabilized with an occupancy rate over 90 percent with in-place market rents as of June 2012. The asset was sold on April 30, 2013 for $10.25 million.
About Resource Real Estate
Resource Real Estate 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 $1.8 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 March 31, 2012, Resource America managed $15.3 billion across various asset classes.
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SOURCE Resource Real Estate