Phila. firm buys Houston apt. complex

A subsidiary of Resource America Inc., a Philadelphia real estate investment firm, said it paid $11.4 million for a half-occupied Houston apartment complex with 856 units. Fannie Mae had foreclosed on the property in August 2010, after the former owners defaulted on an $18.6 million loan. The estimated replacement cost of the apartment complex is $53 million, the buyer, Resource Real Estate Opportunity REIT Inc., said. - Harold Brubaker