June 26, 2019

Resource Apartment REIT III, Inc. Purchases Apartment Community

On June 26th, Resource Apartment REIT III, Inc., sponsored by Resource Real Estate, LLC (“Resource”), purchased The Summit, a high-rise apartment community located just outside of the nation’s capital in Alexandria, Virginia.

The Summit is located in an area that will see immense growth in the near future due to Amazon’s HQ2 headquarters situated a 15-minute drive away in Crystal City. The property also offers desired amenities such as spacious floor plans, an outdoor pool with seating and lounge areas, and a fitness center.

REIT’s CEO, Alan Feldman, comments that The Summit’s location, and millennial appeal, will be crucial to its success.

“The Summit is ideally positioned where America works and plays – a fact that should become even more apparent with the future impact of Amazon on the Washington, D.C. metropolitan area,” said Alan Feldman. “The community also sits in a walkable setting with direct highway access, a positive for the influx of well-educated Millennials looking to make Alexandria home.”

With the median home value in The Summit’s metro area sitting at 127 percent above Washington, DC’s median, many buyers cannot afford to buy a home, and can find many of the same luxuries in an apartment, with added benefits such as close proximity to major employers such as the Pentagon and Fort Belvoir/Quantico.

Resource Real Estate, LLC (“Resource”), the sponsor of REIT, is a wholly-owned subsidiary of C-III Capital Partners LLC, a fully integrated asset management and commercial real estate services company led by CEO Andrew Farkas.