GREAT NECK, N.Y., May 21, 2018 (GLOBE NEWSWIRE) — BRT Apartments Corp. (NYSE:BRT) announced that an entity in which it has a 50% equity interest acquired Landings of Carrier Parkway, a 281-unit multi-family property located in Grand Prairie, Texas, midway between Dallas and Ft. Worth, for $30.8 million, including $19.0 million of mortgage debt obtained in connection with the acquisition. The mortgage debt matures in 2028, carries an interest rate of 4.37% and is interest only until 2023. BRT contributed $7.3 million of equity in connection with the acquisition and anticipated improvements to the property.
"Landings of Carrier Parkway presents BRT with a unique opportunity to reposition a property located in a submarket undergoing strong economic growth," stated Jeffrey A. Gould, President and CEO. "Grand Prairie is equidistant to both Dallas and Fort Worth, making it an attractive location to live; it is also well located near major employers, including Lockheed Martin, Textron and General Motors, which is projected to add new jobs to a near-by logistics center it is constructing. Landings is yet another example of investing in multi-family communities that we believe will contribute to BRT’s growth in the coming years."
BRT’s investment in Landings of Carrier Parkway represents the fourth investment with this equity partner. The prior investments are also located in Texas, which allows BRT and this partner to leverage local market knowledge in their efforts to reposition and add value to enhance the project’s economic potential. In fiscal 2018, the Company has acquired six multi-family properties for a total purchase price in excess of $230 million.
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 Relations
BRT Apartments Corp.
60 Cutter Mill Road
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132
Source: BRT Apartments Corp.