PHILADELPHIA, May 20, 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 purchased Autumn Wood Apartments ("Autumn Wood") in Birmingham, Alabama.
Autumn Wood is a 196-unit multifamily residential community that consists of 12 buildings and sits on over 17 acres. The property is located in the city limits of Hoover, in Jefferson County, within the greater Birmingham area. The Hoover area is recognized as an affluent community convenient to most of Birmingham's amenities, including the Riverchase Galleria Mall and a majority of commercial and office development located along the local thoroughfares US Highway 31 and John Hawkins Parkway. The property is located within the acclaimed Hoover School District. Residents also benefit from the property amenities, including a swimming pool, clubhouse, fitness center, basketball court, playground, and washer/dryer connections in all units.
The purchase of Autumn Wood was an "off market" acquisition that was brought directly to Resource Real Estate. RRE believes its strong reputation in the market as an experienced, national purchaser of distressed and value-add apartments and its ability to close this transaction on an all-cash basis on an accelerated timeframe, motivated the seller to approach RRE and accept its offer. Resource Real Estate Opportunity REIT purchased the property on April 18, 2013 for an aggregate price of $8.5 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 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