BRT Apartments Corp. cancelled the acquisition of 238-unit multifamily property located in Richmond VA.
December 25, 2023
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BRT Apartments Corp. (NYSE:BRT) entered into an agreement to acquire 238-unit multifamily property located in Richmond VA for $62.5 million on March 8, 2023. The purchase price includes the assumption of approximately $32 million of mortgage debt bearing an interest rate of 3.34% and maturing in 2061. The purchase is subject to the satisfaction of various conditions, including the completion, to BRT?s satisfaction, of its due diligence investigation, as well as the approval by the mortgage lender of the Company?s assumption of the mortgage debt. BRT anticipates that this transaction will be completed in the fourth quarter of 2023. The transaction will be completed by year end 2023.
BRT Apartments Corp. (NYSE:BRT) cancelled the acquisition of 238-unit multifamily property located in Richmond VA in December 2023.
BRT Apartments Corp. is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multifamily properties. The Company owns or has interests in about 28 multifamily properties with 7,707 units in 11 states. Generally, its multifamily properties are garden apartments, mid-rise or town home-style properties that provide residents with amenities, such as a clubhouse, swimming pool, laundry facilities and cable television access. In addition to its multifamily properties, the Company owns assets, and in particular, real estate assets. The Companyâs properties include Silvana Oaks Apartments, Avondale Station, Brixworth at Bridge Street, Newbridge Commons, Crossings of Bellevue, Avalon Apartments, Parkway Grande, Woodland Trails, Grove at River Place, Kilburn Crossing, The Woodland Apartments, The Pointe at Lenox Park, Mercer Crossing, and Village at Lakeside, among others.
BRT APARTMENTS CORP. 
