{"id":1004116168,"date":"2015-03-24T08:58:34","date_gmt":"2015-03-24T16:58:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=334511"},"modified":"2022-12-04T02:42:05","modified_gmt":"2022-12-04T10:42:05","slug":"resource-real-estate-acquires-gilbert-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/resource-real-estate-acquires-gilbert-asset\/","title":{"rendered":"Resource Real Estate Acquires Gilbert Asset"},"content":{"rendered":"

By Liviu Oltean, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Springs at Gilbert Meadows Apartments<\/p>\n<\/div>\n

Resource Real Estate Opportunity REIT Inc., a non-traded vehicle specializing in distressed properties, recently acquired Springs at Gilbert Meadows Apartments, a 459-unit apartment community in Gilbert.<\/p>\n

Located on a 22-acre tract at 275 W. Juniper Ave., the property is minutes away from Gilbert\u2019s Downtown Heritage District. Its location and Greater Phoenix\u2019s growth were key factors in the REIT\u2019s decision to acquire the asset and to pursue capital improvements. Terms of the deal have not been disclosed.<\/p>\n

\u201cAs Phoenix\u2019s growing economy and real estate market enters into a healthier, more balanced point relative to previous years, we are seeing a strong demand for renovated, well-located market rate apartments that are both attractive and affordable to Phoenix\u2019s workforce,\u201d Kevin Finkel, the REIT\u2019s president & COO, said in a statement.<\/p>\n

The new owner’s value-added strategy for Springs at Gilbert Meadows includes upgrades to individual units, common areas, amenities, exterior painting and landscaping. Current amenities include two swimming pools, a clubhouse, a fitness center, a business center, a large outdoor recreational area and access to a bike and running trail.<\/p>\n","protected":false},"excerpt":{"rendered":"

Resource Real Estate Opportunity REIT, Inc., a non-traded real estate investment trust focused on distressed properties, recently announced the acquisition of the Springs at Gilbert Meadows Apartments, a 459-unit apartment community in Gilbert, AZ. Financial terms of the deal have not been disclosed.<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004116168","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"\nResource Real Estate Acquires Gilbert Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/resource-real-estate-acquires-gilbert-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Resource Real Estate Acquires Gilbert Asset\" \/>\n<meta property=\"og:description\" content=\"Resource Real Estate Opportunity REIT, Inc., a non-traded real estate investment trust focused on distressed properties, recently announced the acquisition of the Springs at Gilbert Meadows Apartments, a 459-unit apartment community in Gilbert, AZ. 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