Dallas: 152-units sold to REITDallas: 152-units sold to REIThttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=39662014-06-13T09:05:00Z2014-06-11T00:00:00Z

DALLAS - Resource Real Estate Opportunity REIT II purchased a 130,000-sf apartment property, sited on six acres near the Dallas North Tollway. The contract purchase price for was $9.5 million, excluding closing costs.

The property encompasses 152 one- and two-bedroom apartments and is currently well leased at 99 percent.

It is located in the Platinum Corridor, a neighborhood and submarket that is comprised of over 36 million sf of office space that includes employers such as Coca Cola, FedEx and Wells Fargo.

The apartment community, built in 1980, has plans to include significant interior and exterior renovations, including upgrades to common areas, the leasing center and individual units.

Opportunity REIT II is a Philadelphia-based firm and saw its first asset purchase through the acquisition.

Read more at the Business Wire and Commercial Property Executive.

Dallas-Fort Worth-Arlington
http://www.businesswire.com/news/home/20140606005485/en/resource-real-estate-opportunity-reit-ii-purchases#.u5imxvlduroRead more at {Source}

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