RealSource Properties has launched RealSource Properties REIT with 10 multifamily assets, totaling 2,897 apartments across four states. The new entity’s portfolio is valued at $390 million, with approximately $175 million in equity.
The portfolio comprises properties with 528 units in Colorado, 202 units in Texas, 834 units in Ohio and 1,333 units in North Carolina. The assets include the 214-unit The Fairways at Royal Oaks, located at 380 St. Andrews Drive in Cincinnati. The company will manage all the properties in-house.
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The REIT noted it acquired the entire portfolio in off-market transactions but could not provide any details of the deals. The company plans additional multifamily investments using an in-depth analysis that scrutinizes nearly 40 factors, including market, migration, income, social indicators, state GDP and tax rates and growth, among others.
RealSource Properties REIT stated it seeks to acquire multifamily properties at a meaningful discount to replacement cost. The company invests in properties that will benefit from asset management efforts and property improvements.