GREAT NECK, N.Y., Sept. 15, 2017 (GLOBE NEWSWIRE) -- 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."
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.