PHILADELPHIA--(BUSINESS WIRE)--On February 12, 2018, Resource Apartment REIT III, Inc. (the “Company”), through its operating partnership, entered into an agreement to purchase Tramore Village, a 324-unit apartment community located in Austell, Georgia, a fast-growing submarket of Atlanta.
Built in 1999, the community fronts the highly-trafficked East-West Connector, offering a quick commute to over 300,000 jobs within Atlanta’s expanding economic footprint, as well as access to a flourishing specialty healthcare corridor nearby. More than 5,000 professionals are employed at several medical facilities within a one-mile radius of the property.
Atlanta, one of the largest cities in the Southeast, is a growing information technology and healthcare hub and continues to attract Fortune 500 companies to relocate and expand local operations. The submarket’s advantageous transportation infrastructure has also helped attract large corporations to the community’s surrounding area, including Wellstar, AllState Insurance, and Vonage Solution.
About Resource Apartment REIT III, Inc.
Resource Apartment REIT III, Inc. intends to acquire and operate a portfolio of multifamily real estate throughout the United States. The REIT is sponsored by Resource Real Estate, LLC, a wholly owned subsidiary of Resource America, Inc. (“Resource”). Resource is an asset management company that specializes in real estate and credit investments. Its investments emphasize consistent value and long-term returns with an income orientation. Resource is a wholly owned subsidiary of C-III Capital Partners LLC, a leading real estate investment management and commercial property services company.