GREAT NECK, N.Y., Sept. 15, 2017 (GLOBE NEWSWIRE) — BRT Apartments Corp. (NYSE:BRT) announced that it recently acquired, through a joint venture in which it has an 80% equity interest, Jackson Square Apartments, a 242 unit multi-family property located in Tallahassee, Florida for $30.4 million, including $21.5 million of mortgage debt obtained in connection with the acquisition. The debt is non-recourse to BRT, carries an interest rate of 4.19%, is interest only for five years and matures in 2027.
“We are very excited about our most recent acquisition. Jackson Square is a unique, value-add repositioning opportunity for BRT. The property is ideally located, proximate to the state of Florida capitol building, Florida State University and the Tallahassee Memorial Hospital, providing a number of demand drivers for rental housing,” stated Jeffrey A. Gould, President and Chief Executive Officer. “Our plans to renovate the property, which was only minimally impacted by Hurricane Irma, should provide compelling returns for our stockholders.”
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 property ownership and operating 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, 2016 and in the Quarterly Reports on Form 10-Q filed thereafter.
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.
Contact: Investor Relations
BRT APARTMENTS CORP.
60 Cutter Mill Road
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132