REIT Buys REO Apartments in Lexington
By Dees Stribling, Contributing Editor
Lexington, Ky.—Resource Real Estate Opportunity REIT has acquired two apartment properties in Lexington, Ky., called Kenwick Place and Canterbury Apartments. The two are adjacent to each other and include a total of 244 units.
Kenwick Place and Canterbury Apartments consist of 20 buildings on a combined 11.8 acres. Amenities offered at the property include a swimming pool, parking and a clubhouse.
The REIT purchased the two properties for an aggregate of $6.85 million. The sellers were lenders who had foreclosed on loans secured by the properties, and, according to the company, they’re good examples of the REO properties experiencing operational and capital deficiencies that Resource Real Estate is seeking to acquire.
The buyer plans to upgrade the properties to drive valuation and rents. Planned improvements include individual unit and common area renovations, exterior painting and landscaping, as well as property management upgrades.
Headquartered in Philadelphia, Resource Real Estate owns and manages a real estate portfolio that includes over 24,000 apartment units. It’s a wholly owned subsidiary of Resource America Inc., which manages over $15 billion across various asset classes.