GREAT NECK, N.Y., July 21, 2025 (GLOBE NEWSWIRE) -- BRT APARTMENTS CORP. (NYSE:BRT), a real estate investment trust, today announced the acquisition of 1322 North, a 214-unit Class A apartment complex in Auburn, Alabama.
The acquisition of 1322 North complements BRT's ownership of The Village at Lakeside, an Auburn, Alabama property it has owned since 2019. The properties are located one mile from each other and near the region's two largest employers, Auburn University and East Alabama Medical Center. 1322 North was constructed in 2002 and consists of 214 apartment units contained in 14 two- and three-story residential buildings.
BRT acquired the property for $36.5 million (including a $24.4 million mortgage) through a joint venture in which it has an 80% equity interest. The mortgage matures in 2032, bears a 5.38% fixed interest rate, and is interest only through maturity. The joint venture contributed $13.4 million of equity for the transaction of which $10.7 million was contributed by BRT. In connection with its equity contribution, BRT borrowed $7.0 million from its $40 million credit facility which bears a current interest rate of 6.87%. BRT intends to pay off this outstanding balance through mortgage financings and refinancings from time-to-time through March 31, 2026.
Jeffrey A. Gould, President and Chief Executive Officer stated, "The purchase of 1322 North is another example of our strategy of investing in properties in the Southeast, especially in markets that are growing with low supply and high demand for quality. This acquisition is a continuation of our approach to drive, over-time, AFFO and NAV per share growth by investing in properties that we can seamlessly integrate with our existing portfolio."
BRT is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties. As of July 21, 2025, BRT owns or has interests in 30 multi-family properties with 8,161 units in 11 states. For additional information on BRT's operations, activities and properties, please visit its website at www.brtapartments.com.
Cautionary Note Regarding Forward Looking Statements:
Certain information contained in this press release, together with other statements and information publicly disseminated by BRT Apartments Corp. is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. We intend such forward looking statements to be covered by the safe harbor provision for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for the purpose 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," "could," "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions or variations thereof. Information regarding important factors that could cause actual outcomes or other events to differ materially from any such forward looking statements appear in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the reports filed with the Securities and Exchange Commission thereafter; in particular, the sections of such reports entitled "Cautionary Note Regarding Forward Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations", included therein. In addition, anticipated mortgage financings and refinancings that will allow the Company to pay-off its credit facility debt may not be completed or generate sufficient net proceeds to pay-off such debt. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could materially affect the Company's actual results, financial condition, cash flows, performance or future achievements.
Contact:
BRT APARTMENTS CORP.
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone: (516) 466-3100
Email: investors@BRTapartments.com
www.BRTapartments.com
