SOURCE: Resource America, Inc.
PHILADELPHIA, PA--(Marketwired - Dec 19, 2013) - Resource America, Inc. (NASDAQ: REXI) (the "Company") announced today that it has successfully closed the public offering of Resource Real Estate Opportunity REIT, Inc. (the "Opportunity REIT"), a publicly registered non-traded REIT, managed by Resource Real Estate, a wholly-owned subsidiary of the Company. The Opportunity REIT raised equity capital of $635 million total, including almost $195 million since October 1, 2013.
The Opportunity REIT acquires underperforming and distressed multifamily real estate investments that offer the potential to increase asset value by investing requisite capital and implementing expert property management. The Company and its affiliates have been actively engaged in real estate investing since 1991.
"We are extremely pleased with the Opportunity REIT's successful offering. Resource America has a long history of successful investing in real estate, and we are glad to extend that history through our management of the Opportunity REIT," commented Jonathan Cohen, President and CEO of the Company.
Resource America, Inc. is an asset management company that specializes in real estate and credit investments. The Company's objective is to be best in class among asset managers in the real estate and credit sectors as measured by returns to investors and the quality of the funds and businesses it manages. Resource America's investments emphasize consistent value and long-term returns with an income orientation. For more information please visit our website at www.resourceamerica.com or contact Marketing and Investor Relations at firstname.lastname@example.org.