BRT Apartments Corp. Acquires 281-Unit Value Add Property in Dallas/Ft. Worth, Texas
May 21 2018 - 6:00AM
BRT Apartments Corp. (NYSE:BRT) announced that an entity in which
it has a 50% equity interest acquired Landings of Carrier Parkway,
a 281-unit multi-family property located in Grand Prairie, Texas,
midway between Dallas and Ft. Worth, for $30.8 million, including
$19.0 million of mortgage debt obtained in connection with the
acquisition. The mortgage debt matures in 2028, carries an
interest rate of 4.37% and is interest only until 2023. BRT
contributed $7.3 million of equity in connection with the
acquisition and anticipated improvements to the property.
“Landings of Carrier Parkway presents BRT with a unique
opportunity to reposition a property located in a submarket
undergoing strong economic growth,” stated Jeffrey A. Gould,
President and CEO. “Grand Prairie is equidistant to both
Dallas and Fort Worth, making it an attractive location to live; it
is also well located near major employers, including Lockheed
Martin, Textron and General Motors, which is projected to add new
jobs to a near-by logistics center it is constructing.
Landings is yet another example of investing in multi-family
communities that we believe will contribute to BRT’s growth in the
coming years.”
BRT’s investment in Landings of Carrier Parkway represents the
fourth investment with this equity partner. The prior
investments are also located in Texas, which allows BRT and this
partner to leverage local market knowledge in their efforts to
reposition and add value to enhance the project’s economic
potential. In fiscal 2018, the Company has acquired six
multi-family properties for a total purchase price in excess of
$230 million.
Forward Looking
Statements:
Certain information contained herein is forward looking within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. BRT intends such forward looking statements to be
covered by the safe harbor provisions for forward looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with these safe harbor provisions. Forward-looking
statements, which are based on certain assumptions and describe our
future plans, strategies and expectations, are generally
identifiable by use of the words “may,” “will,” “believe,”
“expect,” “intend,” “anticipate,” “estimate,” “project,” or similar
expressions or variations thereof. Forward looking
statements, including statements with respect to BRT’s multi-family
property acquisition, development and ownership activities, involve
known and unknown risks, uncertainties and other factors, which, in
some cases, are beyond BRT’s control and could materially affect
actual results, performance or achievements. Investors are
cautioned not to place undue reliance on any forward-looking
statements and to carefully review the section entitled “Item 1A. -
Risk Factors” in BRT’s Annual Report on Form 10-K for the year
ended September 30, 2017 and in the Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K filed thereafter.
About BRT Apartments Corp.:
BRT is a real estate investment trust that either directly, or
through joint ventures, owns and operates multi-family properties
and other real estate assets. Additional financial and
descriptive information on BRT, its operations and its portfolio,
is available at BRT’s website at:
http://BRTapartments.com. Interested parties are encouraged to
review BRT’s Annual Report on Form 10-K for the year ended
September 30, 2017, and the other reports filed thereafter with the
Securities and Exchange Commission for additional
information.
Contact: Investor RelationsBRT Apartments
Corp.60 Cutter Mill RoadSuite 303Great Neck, New York
11021Telephone (516) 466-3100Telecopier (516)
466-3132http://BRTapartments.com
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