Apartment Landlord Resource REIT Exploring $2 Billion Sale
(Bloomberg) -- Resource REIT Inc., a real estate investment trust that owns suburban apartments across the U.S., is exploring options including a sale, according to people with knowledge of the matter.
The Philadelphia-based REIT is working with an adviser regarding a transaction that could value the landlord at about $2 billion, the people said. Closely held Resource is in the early stages of soliciting interest from potential bidders, one of the people said.
Marianne McGuire, a Resource spokeswoman, declined to comment.
Resource is led by Chairman and Chief Executive Officer Alan Feldman and Chief Financial Officer Thomas Elliott. In January, it said it completed a merger involving Resource Real Estate Opportunity REIT Inc., Resource Real Estate Opportunity REIT II Inc. and Resource Apartment REIT III Inc.
The REIT holds 50 properties with more than 14,600 units across 14 U.S. states including Alabama, Arizona, Florida, Colorado and California, its website shows.
©2021 Bloomberg L.P.