Resource Real Estate Acquires Gilbert Asset
- Mar 24, 2015
Resource Real Estate Opportunity REIT Inc., a non-traded vehicle specializing in distressed properties, recently acquired Springs at Gilbert Meadows Apartments, a 459-unit apartment community in Gilbert.
Located on a 22-acre tract at 275 W. Juniper Ave., the property is minutes away from Gilbert’s Downtown Heritage District. Its location and Greater Phoenix’s growth were key factors in the REIT’s decision to acquire the asset and to pursue capital improvements. Terms of the deal have not been disclosed.
“As Phoenix’s growing economy and real estate market enters into a healthier, more balanced point relative to previous years, we are seeing a strong demand for renovated, well-located market rate apartments that are both attractive and affordable to Phoenix’s workforce,” Kevin Finkel, the REIT’s president & COO, said in a statement.
The new owner’s value-added strategy for Springs at Gilbert Meadows includes upgrades to individual units, common areas, amenities, exterior painting and landscaping. Current amenities include two swimming pools, a clubhouse, a fitness center, a business center, a large outdoor recreational area and access to a bike and running trail.