BRT Apartments Expands Portfolio with New Acquisition of Oaks at Victory

BRT Apartments Corp. Expands Its Real Estate Portfolio

GREAT NECK, N.Y. — BRT APARTMENTS CORP. (NYSE:BRT), a prominent player in the real estate investment trust sector, is excited to announce its acquisition of a new asset in the multifamily housing market. The company has successfully acquired Oaks at Victory, a garden-style apartment complex featuring 150 apartments.

About the Newly Acquired Property

Situated in a prime location on Victory Drive, Oaks at Victory, formerly known as Ascend Midtown, presents a strategic addition to BRT's portfolio. This complex, constructed in 1968, includes a variety of one-, two-, and three-bedroom apartments, catering to diverse living needs. Residents can enjoy numerous amenities such as a clubhouse, fitness center, swimming pool, and laundry facilities, enhancing their living experience.

Financial Overview of the Acquisition

BRT Apartments acquired Oaks at Victory for a total purchase price of $23.0 million, which includes a mortgage of $15.7 million. This acquisition was conducted through a joint venture where BRT retains an 80% equity interest. The mortgage, set to mature in 2031, has an attractive interest rate of 2.71%, with two years remaining where only interest payments are required. To facilitate the purchase, BRT utilized $8.0 million from its credit facility.

As of the latest update, BRT has $17.5 million drawn from its available $40.0 million credit line, which currently bears an interest rate of 6.63%. The management anticipates that funds from scheduled refinancings in December will enable a full payoff of this facility, demonstrating a sound strategy for leveraging debt.

Strategic Growth Initiatives

Jeffrey A. Gould, the company's President and CEO, shared that the acquisition of Oaks at Victory aligns with BRT's overarching strategy of expanding into growing southeastern markets. Earlier this year, BRT also acquired 1322 North in Auburn, Alabama, and Gould emphasized that these acquisitions are pivotal for enhancing stockholder value. By pursuing opportunities like Oaks at Victory, BRT aims to drive growth in both AFFO and NAV per share.

Company Vision and Future Outlook

BRT Apartments Corp. is more than just a real estate investment trust; it actively manages and holds interests in multi-family properties across the United States. With ownership in 31 multi-family properties accommodating a total of 8,311 units spread across 11 states, BRT is well-positioned for continued success. The company also maintains preferred equity investments in two additional multi-family properties, further diversifying its holdings.

The strategic acquisition of Oaks at Victory is just one of the many steps BRT is taking to enhance its portfolio's value. The company focuses on identifying residential opportunities that will thrive in dynamic markets, thereby maximizing return on investment for shareholders.

Contact Information

For more details regarding BRT and its operations, you can reach out to their headquarters:

BRT APARTMENTS CORP.
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone: (516) 466-3100
Email: investors@BRTapartments.com
For additional information, visit www.BRTapartments.com.

Frequently Asked Questions

What is the significance of the Oaks at Victory acquisition for BRT?

This acquisition represents BRT's entry into the Savannah market, expanding its multi-family portfolio and enhancing shareholder value through strategic growth.

What amenities does Oaks at Victory offer?

The complex features a clubhouse, fitness center, swimming pool, and laundry facilities, catering to resident needs and promoting a community atmosphere.

How does BRT plan to finance its acquisition?

The acquisition was financed through a combination of mortgage funding and its credit facility, reflecting a sustainable approach to leveraging debt.

What is BRT's overall strategy for growth?

BRT's strategy focuses on acquiring properties in growing southeastern markets and identifying opportunities that enhance returns and integrate well with its existing portfolio.

Where can I find more information about BRT Apartments Corp.?

For further inquiries, visit their official website at www.BRTapartments.com, which provides comprehensive information about their operations and investment strategies.

About The Author

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