Resource Real Estate Opportunity REIT II
Began IPO in February 2014 and terminated this offering in February 2016. Approximately $575 million of gross proceeds were raised in this offering through the close of this offering. The company intends to purchase a portfolio of underperforming U.S. commercial real estate and real estate-related debt, including properties that may benefit from extensive renovations that may increase their longterm values. As of June 30, has purchased 14 multifamily properties encompassing approximately 4,219 units for a total purchase price of approximately $661.5 million. Total borrowings were 46% of total assets at the end of June. FFO and MFFO were deficits for the second quarter. Deployed $13.7 million during first half of 2016 for capital expenditures and has a remaining budget of $81.4 million for such expenditures. Redeemed $480,000 of shares in first half of this year. Reported an estimated share value of $9.01, as of December 31, 2015.
This company, which makes "opportunistic" investments in apartment properties, went from deficit to surplus MFFO for the second quarter of this year over last year. Higher cash flow was driven by a more than 13 % increase in same-property rental income during the second quarter and first half of this year as property improvements are beginning to bear fruit.