Resource Real Estate-Sponsored REIT Acquires Two Atlanta Communities
- May 31, 2014
Resource Real Estate recently announced that one of its investment trusts, Resource Real Estate Opportunity REIT Inc., has picked up two residential properties. Both Berkeley Run and Berkeley Trace are located in the residential submarket along Glenridge Drive Northeast in Atlanta, less than a mile from Atlanta’s Perimeter Center.
Headquartered in Philadelphia, Resource Real Estate is involved in direct real estate investments, commercial real estate lending and global real estate securities and operates offices in New York, Los Angeles, Denver, Houston, London, Singapore and Sydney. The firm’s portfolio of owned and managed real estate assets is valued over $2.6 billion.
The communities are situated less than half a mile from each other in a neighborhood that offers convenient access to Perimeter Mall and one of Atlanta’s largest business districts comprising 29 million square feet of office space. Resource Real Estate Opportunity REIT acquired them for a combined price of $51.8 million and plans to invest extra capital in improving the properties. The common areas and individual units await upgrades, and the exteriors will undergo a renewal process as well. A property management team will also be assigned.
The 194-unit Berkeley Run offers a selection of apartments with one to three bedrooms plus a fitness center and a business center. The 14.5 acre property also includes individual garages, a salt water swimming pool, a tennis court and a clubhouse. Berkeley Trace is a 165-unit, 5.5 acre gated community with one and two bedroom apartments featuring private balconies, a business center, housekeeping service, a clubhouse, and a modern fitness center.
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