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Resource Real Estate Opportunity REIT II to Invest $21.3 Million in Dallas Multifamily Property

Resource Real Estate Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust that specializes in multifamily properties, entered into an agreement to purchase a multifamily community in Dallas, Texas from an unaffiliated seller for approximately $21.3 million plus closing costs.

Built in 1979, the Dallas property is a 220,000-square-foot multifamily community with 200 units located on a nearly 10-acre site. The property, which is 97 percent leased, includes a clubhouse, fitness center, two swimming pools, a dog park, and carports. The REIT intends to upgrade all of the unit interiors, as well as enhance common area amenities and improve site lighting and landscaping.

Resource Real Estate Opportunity REIT II made an earnest money deposit of $250,000, and intends to fund the purchase with proceeds from their offering.

Last month, The DI Wire reported that the company will be closing the primary portion of its offering on December 31, 2015. To read more, click here.

As of August 10, 2015, the company has accepted aggregate gross offering proceeds of approximately $274.3 million related to the sale of 27.5 million shares of common stock, including distribution reinvestment plan shares.

Resource Real Estate Opportunity REIT II is sponsored by Resource Real Estate Inc., a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Resource Real Estate owns and manages real estate assets with an aggregate value of approximately $3.6 billion. Resource Real Estate is a wholly-owned subsidiary of Resource America (NASDAQ: REXI). As of March 31, 2015, Resource America managed $20.6 billion across various asset classes.