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Resource Real Estate Pays $71Mln for Irving, Texas, Apartments

July 6, 2016

 

 


Resource Real Estate Pays $71Mln for Irving, Texas, Apartments

Tuesday, July 5th, 2016 | Commercial Real Estate Direct Staff Report

Resource Real Estate Opportunity REIT II Inc. has paid $71 million, or $149,160/unit, for Santa Rosa at Las Colinas, a 476-unit apartment property in the Dallas suburb of Irving, Texas.

The REIT, whose shares do not trade on any exchange, bought the 25-year-old property from Wingate Cos. of Newton, Mass., in a deal brokered by CBRE.

The property, at 2940 West Royal Lane, is 96 percent occupied.

In marketing material, CBRE had noted that average monthly rents at the Santa Rosa property were some $420/unit lower than they were at a nearby property that was constructed three years ago and includes granite countertops and custom cabinetry in unit kitchens, stainless-steel appliances and hardwood flooring.

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Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.