BRT Apartments Corp. Acquires 586 Unit Value Add Property in Lawrenceville, Georgia
February 22 2018 - 12:16PM
BRT Apartments Corp. (NYSE:BRT) announced that an entity in which
it has a 50% equity interest acquired Madison at River Sound, a
586-unit multi-family property located in Lawrenceville, Georgia,
for $77.3 million, including $54.4 million of mortgage debt
obtained in connection with the acquisition. The mortgage
debt matures in 2028, carries a very attractive interest rate of
3.97% and is interest only until maturity. BRT contributed
$15.2 million of equity in connection with this acquisition.
The source of funds was the balance of the proceeds from the
previously announced sale of The Fountains Apartments.
“The purchase of Madison at River Sound
represents the completion of the capital redeployment from the
previously announced sale of The Fountains Apartments. We
once again engaged with a former partner allowing us to act quickly
to capitalize on this unique value-add opportunity in an area in
which we previously owned a multi-family property. Madison at
River Sound is located in a fast growing submarket of the greater
Atlanta MSA. This value-add property is well positioned to
benefit from the metro area’s diverse economic drivers and strong
in-migration. The planned upgrades to the interior of
the units and contemplated exterior improvements will allow us to
enhance the revenue growth profile of the property,” shared Jeffrey
A. Gould, Chief Executive Officer of BRT.
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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