August 1, 2018
Resource Apartment REIT III: A Brief Update
On July 23, 2018, Resource Apartment REIT III, Inc. through its operating partnership entered into an agreement to purchase...

Resource Apartment REIT III: A Brief Update

July 27, 2018 | James Sprow | Blue Vault

On July 23, 2018, Resource Apartment REIT III, Inc. through its operating partnership entered into an agreement to purchase an apartment community located in Riverview, Florida from an unaffiliated seller, Kensington Property Holdings, LLC. The property is an apartment community with 204 units and amenities, including a swimming pool, clubhouse, a fitness center, and a dog park. The contract purchase price for the property is $28.85 million, excluding closing costs.

The nontraded REIT acquired a 324-unit apartment complex in Austell, Georgia, for $45.6 million in March 2018, and a 220-unit apartment property in Jacksonville, Florida, for $29.2 million in July 2017. According to S&P Global the REIT also has a pending acquisition of a 212-unit apartment property in Matthews, North Carolina for a planned acquisition price of $33.8 million.

As of July 3, 2017, the REIT ceased offering shares of Class A and Class T common stock in its primary offering and commenced offering shares of Class R and Class I common stock at $9.52 and $9.13 per share respectively. The REIT pays distributions on its four different share classes at the rate of 5.24% on Class A, 4.53% on Class T net of fees, 4.50% on Class R and 5.73% on Class I, all based upon the offering price per share, and as of Q1 2018.

Resource Apartment REIT III, Inc. is sponsored by Resource, a wholly-owned subsidiary of C-III Capital Partners, and is an asset management company that specializes in real estate and credit investments. Since 1991, Resource has sponsored a range of investment vehicles, including limited partnerships, joint ventures with institutional partners, publicly traded and non-traded REITs, and interval funds.

Other Resource Investment Programs
Resource Credit Income Fund is a closed-end interval fund that focuses on floating-rate and senior secured assets. Resource Real Estate Diversified Income Fund is a closed-end interval fund that pursues a diversified real estate investment strategy that accesses public and private real estate assets and real estate credit. Blue Vault publishes research on both funds.

For more information on Resource Apartment REIT III and other programs, see www.resourcealts.com.

Sources: SEC, Resource, Blue Vault, S&P Global

 

Learn more about Resource on the Blue Vault Sponsor Focus page

 

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