BRT Realty Trust (BRT) Announces Acquisition of Pointe at Lenox Park
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BRT Realty Trust (NYSE: BRT) announced that it acquired, through a joint venture in which it has a 74% interest, Pointe at Lenox Park, a 271 unit multi-family property located in Atlanta, GA for $39.1 million, including $27.4 million of mortgage debt obtained in connection with the acquisition. The mortgage debt has an annual interest rate of 3.97%, matures in September 2026, and is interest only until October 2019.
Jeffrey A. Gould, President and Chief Executive Officer commented, "We are pleased to add Pointe at Lenox Park to our portfolio. This acquisition deepens our presence in Atlanta, a leading market for job growth in the United States since 2010, and broadens our joint venture network as we added a partner with local experience to our network of partners. The property is located near Atlanta's affluent Buckhead district and Emory University, is well occupied at 95% and offers various amenities to residents. Pointe at Lenox Park is the type of accretive acquisition that will help BRT achieve its objective of owning multi-family properties that generate steady cash flow while providing the potential for capital appreciation."
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