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.