Resource Real Estate Buys M-F Asset in Austin
- Mar 10, 2015
Woodmoor Apartments, a 208-unit asset in Austin, has changed hands. A non-traded REIT sponsored by Resource Real Estate Inc., acquired the property. Terms were not disclosed.
The property comprises 16 two-story buildings totaling about 152,000 square feet. Community amenities include a swimming pool and lounge, a dog park, clubhouse, fitness center, computer stations and outdoor barbeque areas.
The new owner, Resource Real Estate Opportunity REIT Inc., intends to invest in extensive upgrades to individual units and common areas, including painting and landscaping.
Resource Real Estate turned its attention to Austin because of the city’s consistent and rapid growth. During the past decade, Austin’s population has jumped 37 percent, according to the U.S. Census Bureau, a testament to the city’s appeal to creative residents and its innovative, high-paying job market.
“We are excited to continue the expansion of RRE’s portfolio of apartments in Austin, a city that continues to attract the best and the brightest talent from around the U.S.,” Kevin Finkel, president & COO of Resource Real Estate Opportunity REIT, said in a statement. “Woodmoor is a strong example of the types of value-add properties we believe will be accretive to the REIT’s success.”
Photo courtesy of Woodmoor Apartments Facebook Page.