BRT Apartments Corp. Acquires 313 Unit Class A Property in a Dallas Suburb
October 03 2017 - 4:15PM
BRT Apartments Corp. (NYSE:BRT) announced that on September 28,
2017, an entity in which it has a 50% equity interest acquired
Gateway Oaks, a 2016 constructed Class A 313 unit multi-family
property located in Forney, Texas for $39.0 million, including
$25.4 million of mortgage debt obtained in connection with the
acquisition. The debt is non-recourse to BRT, carries an
interest rate of 4.15%, is interest only for five years and matures
in 2027.
Jeffrey A. Gould, President and Chief Executive Officer of BRT
Apartments stated, “Gateway Oaks is one of the recently completed
communities within the fast growing Gateway master-planned
development in Forney, twenty-two miles east of downtown
Dallas. Gateway Oaks offers residents a high end amenity
package including a resort style swimming pool, state of the art
fitness center, sand volleyball court, detached garages and storage
units. In addition, the property has excellent access
to I-80 which will enhance the value of our investment over the
long term.”
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 Aug 2024 to Sep 2024
BRT Apartments (NYSE:BRT)
Historical Stock Chart
From Sep 2023 to Sep 2024