Resource Real Estate Opportunity REIT II Acquires Breckenridge Apartment Homes
-Real estate investment trust purchases second property in Portland, OR with plans to upgrade-
June 09, 2016 10:00 AM Eastern Daylight Time
PHILADELPHIA–(BUSINESS WIRE)–Resource Real Estate Opportunity REIT II, Inc. (“Opportunity REIT II”), a non-traded real estate investment trust sponsored by Resource Real Estate, Inc., today announced the acquisition of the Breckenridge Apartment Homes (“Breckenridge”) in Portland, Oregon.
Breckenridge is a 357-unit garden style multifamily residential community built in 1985 and consisting of 270,240 net rentable square feet. The property offers amenities including a clubhouse, a business center, a fitness center, a swimming pool and Jacuzzi, and private balconies and patios for residents. Breckenridge, which has not been previously renovated, is expected to benefit from an extensive value-add strategy that includes new capital to improve the exterior of the property and to upgrade the common areas and individual units to a more modern look and feel.
Portland, Oregon is one of the healthiest and most diverse economies in the United States and has established itself as both a technology and export hub in the Northwest. Breckenridge is well located within the affluent West Hills submarket, a central location with convenient access to some of the most desirable employers in the area and within the highly ranked Beaverton School District. Breckenridge sits within five minutes of both Providence St. Vincent Medical center, which is the second largest employer in Portland, as well as the Sunset Corridor, which boasts over 4.5 million square feet square feet of office space that predominately houses high-tech companies. Breckenridge provides residents with easy access to Portland’s light rail system, major highways and its extensive bus system.
Kevin Finkel, President and COO of Opportunity REIT II, said, “We are very pleased to be able to execute the purchase of Breckenridge on behalf of Opportunity REIT II and its investors. Portland is among the best cities in the U.S. for attracting young, creative and educated people. Due to its talented labor pool, Portland has seen the breadth of its job opportunities grow as key employers have followed the labor talent in sectors like high-tech, healthcare and apparel. As a result of this population and employment growth, Portland’s apartment market has grown significantly as well, ranking third in the nation for effective rent growth in 2015. We expect that Breckenridge will benefit from the strong market conditions as well as our planned extensive renovation program.”
About Resource Real Estate Opportunity REIT II
Resource Real Estate Opportunity REIT II acquires and operates a portfolio of multifamily real estate throughout the United States. Opportunity REIT II is sponsored by Resource Real Estate, Inc., a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Resource Real Estate is a wholly owned subsidiary of Resource America (“RAI”) (NASDAQ: REXI).
About Resource Real Estate
Resource Real Estate (RRE) is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. For over two decades, RRE and its affiliates have managed real estate assets for institutional and individual investors. RRE and its parent company have offices in New York, Los Angeles, Denver, London, Singapore, Sydney as well as its headquarters in Philadelphia and additional locations across the US.
RRE owns and manages real estate assets with an aggregate value of approximately $4.0 billion. RRE is a wholly owned subsidiary of Resource America (“RAI”) (NASDAQ: REXI). As of March 31, 2016, RAI managed $22.4 billion in gross assets across various asset classes.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although RAI and RRE believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in RAI’s reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. RAI and RRE undertake no obligation to update or revise any forward looking statement to reflect new or changing information or events.
Gregory FCA for Resource Real Estate
Director of Communications at Resource Real Estate