Resource Real Estate Opportunity REIT Buys Park Forest Apartments and Foxwood Apartments

  Resource Real Estate Opportunity REIT Buys Park Forest Apartments and
  Foxwood Apartments

 -National real estate firm purchases two properties in Oklahoma City, Okla.
                             and Memphis, Tenn.-

Business Wire

PHILADELPHIA -- December 10, 2012

Today, the Resource Real Estate Opportunity REIT sponsored by Resource Real
Estate, Inc. (“Resource Real Estate”), a national real estate firm
specializing in opportunistic and value-add investing in, and financing of,
commercial real estate assets with a particular emphasis on multifamily
properties, announces that it has purchased the Park Forest Apartments (“Park
Forest”) in Oklahoma City, Okla. and the Foxwood Apartments (“Foxwood”) in
Memphis, Tenn.

Each property was a Real Estate Owned (REO) asset, meaning they were
previously foreclosed upon and were bank owned. The Resource Real Estate
Opportunity REIT purchased Park Forest for $2.05 million and Foxwood for $2.27
million.

Constructed in 1972, Foxwood is a 220-unit multifamily residential community
comprised of 30 buildings containing over 212,000 rentable square feet. Tenant
amenities include a swimming pool, clubhouse/leasing office, playground,
fitness center and tennis courts. Foxwood is located in the southeast
submarket of Memphis known as the Bill Morris Parkway “High-Tech Corridor,”
and it is in close proximity to the Nonconnah Parkway and I-240. FedEx World
Headquarters, Lenox Corporate Park, the Nonconnah Technology Corridor and
recent additional employers such as Technicolor and Nike all call the area
home.

Park Forest is a 216-unit multifamily residential community that was
constructed in 1974 and is comprised of 27 buildings containing over 158,000
rentable square feet spanning across 8.4 acres. Tenant amenities include a
swimming pool, clubhouse/leasing office, playground and fitness center. It is
located in the southeastern portion of the city and in close proximity to a
major shopping center, Midwest Regional Hospital, Oklahoma City Community
College, Boeing and Rose State College. The largest employer in the state,
Tinker Air Force Base, is also in close proximity.

Resource Real Estate Opportunity REIT plans to invest additional capital to
improve the overall condition of the properties in order to bring all units to
leasable condition, stabilize the occupancy rates and make the properties
cash-flow positive. Exterior painting and landscaping will be done, and
significant upgrades will be made in an effort to enhance the appeal and
marketability of each property.

The acquisitions of Park Forest and Foxwood – both distressed multifamily REO
properties experiencing operational and capital deficiencies and in need of
stabilization – are good examples of the type of properties that the Resource
Real Estate Opportunity REIT seeks to acquire.

About Resource Real Estate

Resource Real Estate is a national real estate firm specializing in
opportunistic and value-add investing in, and financing of, commercial real
estate assets with a particular emphasis on multifamily properties. Resource
Real Estate has a long history of investing, managing and resolving distressed
and other complicated real estate investments.

Resource Real Estate currently has an ownership interest in and manages a real
estate portfolio with an aggregate value of approximately $1.7 billion, which
includes approximately 24,000 apartment units and more than 500,000 square
feet of office, retail, industrial and hotel space located throughout the
United States. Resource Real Estate has over 525 employees with primary
offices located in Philadelphia, New York City, Los Angeles, Denver and Omaha.

Resource Real Estate is a wholly owned subsidiary of Resource America, Inc.
(NASDAQ: REXI), a specialized asset manager. As of June 30, 2012, Resource
America had $15 billion in assets under management.

Contact:

Media Contact:
Gregory FCA for Resource Real Estate
Jimmy Moock, 610-228-2125
jimmy@gregoryfca.com
or
Company Contact:
Resource Real Estate
Marianne McGuire, 267-256-5964
Director of Marketing
mmcguire@resourcerei.com
 
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