BRT APARTMENTS CORP. Acquires Value-Add Community in Tallahassee, Florida
September 15 2017 - 8:30AM
BRT Apartments Corp. (NYSE:BRT) announced that it recently
acquired, through a joint venture in which it has an 80% equity
interest, Jackson Square Apartments, a 242 unit multi-family
property located in Tallahassee, Florida for $30.4 million,
including $21.5 million of mortgage debt obtained in connection
with the acquisition. The debt is non-recourse to BRT,
carries an interest rate of 4.19%, is interest only for five years
and matures in 2027.
“We are very excited about our most recent acquisition.
Jackson Square is a unique, value-add repositioning opportunity for
BRT. The property is ideally located, proximate to the state
of Florida capitol building, Florida State University and the
Tallahassee Memorial Hospital, providing a number of demand drivers
for rental housing," stated Jeffrey A. Gould, President and Chief
Executive Officer. “Our plans to renovate the property, which was
only minimally impacted by Hurricane Irma, should provide
compelling returns for our stockholders."
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 property
ownership and operating 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,
2016 and in the Quarterly Reports on Form 10-Q filed
thereafter.
About BRT Apartments Corp:
BRT is a real estate investment trust that 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 its Form 10-K for the year ended
September 30, 2016 and other reports filed with the Securities and
Exchange Commission for additional information.
Contact: Investor Relations
BRT APARTMENTS CORP.60 Cutter Mill RoadSuite
303Great Neck, New York 11021Telephone (516) 466-3100Telecopier
(516) 466-3132
http://brtapartments.com
BRT Apartments (NYSE:BRT)
Historical Stock Chart
From Mar 2024 to Apr 2024
BRT Apartments (NYSE:BRT)
Historical Stock Chart
From Apr 2023 to Apr 2024