GREAT NECK, N.Y., Oct. 03, 2017 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) announced that on September 28, 2017, an entity in which it has a 50% equity interest acquired Gateway Oaks, a 2016 constructed Class A 313 unit multi-family property located in Forney, Texas for $39.0 million, including $25.4 million of mortgage debt obtained in connection with the acquisition. The debt is non-recourse to BRT, carries an interest rate of 4.15%, is interest only for five years and matures in 2027.
Jeffrey A. Gould, President and Chief Executive Officer of BRT Apartments stated, “Gateway Oaks is one of the recently completed communities within the fast growing Gateway master-planned development in Forney, twenty-two miles east of downtown Dallas. Gateway Oaks offers residents a high end amenity package including a resort style swimming pool, state of the art fitness center, sand volleyball court, detached garages and storage units. In addition, the property has excellent access to I-80 which will enhance the value of our investment over the long term.”
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.