GREAT NECK, N.Y., Feb. 22, 2018 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) announced that an entity in which it has a 50% equity interest acquired Madison at River Sound, a 586-unit multi-family property located in Lawrenceville, Georgia, for $77.3 million, including $54.4 million of mortgage debt obtained in connection with the acquisition. The mortgage debt matures in 2028, carries a very attractive interest rate of 3.97% and is interest only until maturity. BRT contributed $15.2 million of equity in connection with this acquisition. The source of funds was the balance of the proceeds from the previously announced sale of The Fountains Apartments.

“The purchase of Madison at River Sound represents the completion of the capital redeployment from the previously announced sale of The Fountains Apartments. We once again engaged with a former partner allowing us to act quickly to capitalize on this unique value-add opportunity in an area in which we previously owned a multi-family property. Madison at River Sound is located in a fast growing submarket of the greater Atlanta MSA. This value-add property is well positioned to benefit from the metro area’s diverse economic drivers and strong in-migration. The planned upgrades to the interior of the units and contemplated exterior improvements will allow us to enhance the revenue growth profile of the property,” shared Jeffrey A. Gould, Chief Executive Officer of BRT.

About BRT Apartments Corp.:

BRT is a real estate investment trust that either 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 BRT’s Annual Report on Form 10-K for the year ended September 30, 2017, and the other reports filed thereafter with the Securities and Exchange Commission for additional information.