Philadelphia, PA (September 17, 2018) – Resource Apartment REIT III, Inc. (the “REIT”), through its operating partnership, completed the purchase of The Park at Kensington, an apartment community located in the prospering market of Tampa, Florida. Built in 1990, the 204-unit community features a resort-style, multi-level pool, remodeled clubhouse, lakeside family BBQ area, and lighted tennis court.
The Park at Kensington provides direct access to both work and leisure, with over 47 million square feet of office space within 20 minutes of the property, along with high-end retailers, banks, and restaurants just across the street. Residents can also access premier entertainment destinations like Bass Pro Shops, Dave & Buster’s, and Topgolf in a matter of minutes.
The property provides superb regional accessibility to Tampa and its rapidly-growing metropolitan footprint. The Tampa/St. Petersburg Metropolitan Statistical Area created 35,400 new jobs in 2017, including opportunities that have attracted an influx of young professionals. The Park at Kensington is uniquely situated to meet their needs, with a one-mile drive to I-75’s 19.9 million square feet of office space and a 15-minute commute to downtown Tampa.
The REIT’s Chief Executive Officer, Alan Feldman, believes that the property checks all of the boxes that make it an attractive addition to the REIT’s portfolio.
“In our search for quality apartment communities situated in high-demand areas, The Park at Kensington stood out,” said Feldman. “It sits in a suburban location experiencing high growth and expanding employment opportunities, surrounded by the lifestyle amenities that today’s renters demand.”
About Resource Apartment REIT III, Inc.
Resource Apartment REIT III, Inc. acquires and operates a portfolio of multifamily real estate throughout the United States. The REIT is sponsored by Resource Real Estate, LLC (“Resource”), which is a wholly owned subsidiary of C-III Capital Partners LLC, a fully integrated asset management and commercial real estate services company. Resource specializes in real estate investments that emphasize consistent value and long-term returns with an income orientation.