BRT Apartments Corp. Acquires Value-Add Property in Greenville, South Carolina
October 30 2018 - 4:15PM
– Adds Fourth Property in South
Carolina –
BRT Apartments Corp. (NYSE:BRT) announced that an entity in which
it has a 90% equity interest acquired Crestmont at Thornblade, a
266-unit multi-family property located in Greenville, South
Carolina, for $37.8 million, including $26.4 million of mortgage
debt obtained in connection with the acquisition. The mortgage debt
matures in 2028, carries an interest rate of 4.69%, is interest
only until 2023 and amortizes on a 30 year amortization schedule
thereafter. BRT contributed $12.9 million of equity in connection
with the acquisition and anticipated improvements to the property.
Crestmont at Thornblade is well located in Greenville, South
Carolina, off of I-85. The community is well situated near major
employers, including Michelin, BMW and Greenville Health
Systems.
Jeffrey A. Gould, Chief Executive Officer of BRT stated: “We are
pleased to add our fourth property in the growing state of South
Carolina. Specifically, we are excited about the acquisition of
Crestmont at Thornblade, which provides us with the opportunity to
create meaningful long-term value as we modernize the apartments
and the amenities, which should allow us to increase rents and
drive long-term NOI growth.”
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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