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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
