National real estate firm purchases two properties in Lexington, Kentucky
PHILADELPHIA, April 4, 2013 /PRNewswire/ — Today, the 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, announced that it has purchased Kenwick Place ("Kenwick") and Canterbury Apartments ("Canterbury") in Lexington, Kentucky.
Kenwick and Canterbury are two adjacent multifamily residential communities with a total of 244-units and consist of 20 total buildings across 11.8 combined acres. The properties offer tenants a swimming pool, parking and a club house, and are located in a desirable, highly visible location in the southeastern quadrant of the Lexington metropolitan statistical area. Tenants also benefit from numerous employment opportunities and recreational points of interest, including the University of Kentucky, several medical facilities, and retailers such as Wal-Mart, Kroger, Home Depot and the Mall at Lexington Green.
In an effort to improve and enhance these communities, the Resource Real Estate Opportunity REIT intends to invest additional capital on property improvements, including individual unit and common area renovations, exterior painting and landscaping, as well as property management upgrades. Resource Real Estate Opportunity REIT purchased Kenwick and Canterbury for an aggregate price of $6.85 million from lenders that had foreclosed on loans secured by the properties.
The acquisitions of Kenwick and Canterbury – distressed multifamily REO properties experiencing operational and capital deficiencies and in need of stabilization – are good examples of the type of opportunistic investments that the Resource Real Estate Opportunity REIT seeks to acquire.
About Resource Real Estate
Resource Real Estate is a national real estate firm specializing in direct investments, commercial real estate lending and global real estate securities. Resource Real Estate has a long history of investing in, managing and resolving complex real estate investments.
Since 1991, Resource Real Estate and its affiliates have acquired, managed and harvested real estate assets for institutional and individual investors, joint venture partnerships as well as its own account. Resource Real Estate owns and manages a real estate portfolio with an aggregate value of approximately $1.7 billion, which includes over 24,000 apartment units. Headquartered in Philadelphia, Resource Real Estate has approximately 600 industry professionals with additional offices located in New York City, Los Angeles, Denver and Omaha.
Resource Real Estate is a wholly owned subsidiary of Resource America, Inc., a specialized asset manager. As of December 31, 2012, Resource America managed over $15 billion across various asset classes.
Media Contact:
Jimmy Moock
Gregory FCA for Resource Real Estate
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Office: 610-228-2125
Company Contact:
Marianne McGuire
Director of Marketing at Resource Real Estate
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Office: 267-256-5964