LEXINGTON, KY- Resource Real Estate Opportunity REIT reports it has acquired two multifamily residential communities here for an aggregate price of $6.85 million from lenders that had foreclosed on loans secured by the properties.
The Philadelphia-based firm, sponsored by Resource Real Estate, Inc., a national real estate firm specializing in opportunistic and value-add investing and financing, acquired Kenwick Place and Canterbury Apartments.
The two adjacent communities consist of 244 total units, comprised of 20 buildings across 11.8 combined acres. The properties feature a swimming pool, parking and a clubhouse.
In a prepared release, Resource Real Estate Opportunity REIT says it intends to invest additional capital on property improvements, including individual unit and common area renovations, exterior painting and landscaping, as well as property management upgrades.
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