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Stock impact report

BRT Apartments Corp. Acquires 586 Unit Value Add Property in Lawrenceville, Georgia

BRT Apartments Corp. (MD) (BRT) 
Last brt apartments corp. (md) earnings: 11/6 04:05 pm Check Earnings Report
US:NYSE Investor Relations: brtapartments.com/investor_relations
Company Research Source: GlobeNewswire
GREAT NECK, N.Y., Feb. 22, 2018 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) announced that an entity in which it has a 50% equity interest acquired Madison at River Sound, a 586-unit multi-family property located in Lawrenceville, Georgia, for $77.3 million, including $54.4 million of mortgage debt obtained in connection with the acquisition.  The mortgage debt matures in 2028, carries a very attractive interest rate of 3.97% and is interest only until maturity.  BRT contributed $15.2 million of equity in connection with this acquisition.  The source of funds was the balance of the proceeds from the previously announced sale of The Fountains Apartments. “The purchase of Madison at River Sound represents the completion of the capital redeployment from the previously announced sale of The Fountains Apartments.  We once again engaged with a former partner allowing us to act quickly to capitalize on this unique value-add opportunity in an area in which we previously owned a m Show less Read more
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