HOUSTON—Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate, Inc., a national real estate firm specializing in opportunistic and value-add investing and financing, has purchased Armand Place, a 244-unit complex consisting of 20 units across 10 acres.

The property is located in Clear Lake, and offers its tenants two swimming pools, a 24-hour fitness center, wood-burning fireplaces, parking and a shuttle service to the University of Houston-Clear Lake. Residents also benefit from a diverse local employment base that includes professionals in the aerospace, education, engineering, petrochemical, and technology industries, and points of interest including the University of Houston-Clear Lake and the nearby Johnson Space Center.

Resource Real Estate Opportunity REIT intends to invest in improvements to individual units and common areas, upgrade the landscaping and establish a professional, onsite property management team. Resource Real Estate Opportunity REIT purchased the property on March 28.

Philadelpha-based Resource Real Estate ("RRE") is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Through an entrepreneurial culture, RRE implements a distinctive approach to investing in and managing complex real estate assets.