BRT Agrees to $226M Portfolio Sale
The 1,108-unit deal, expected to close by the end of the third quarter, includes one property outside Atlanta and another near Orlando, Fla.
BRT Apartments Corp. has agreed to sell two of its multifamily properties owned in partnership with Electra America for approximately $226 million. The 586-unit Parc at 980 in Lawrenceville, Ga., and the 522-unit The Avenue Apartments in Ocoee, Fla., will trade for $118.3 million and $108 million, respectively. The seller expects to close both transactions by the end of September.
According to Yardi Matrix, the partnership between BRT and Electra America bought the Atlanta-area property for $77.3 million in 2018, backed by a 10-year, $54.4 million Fannie Mae loan. The Florida acquisition—a $71.3 million purchase from Starwood Capital Group—dates back to 2017 and was subject to a $53.1 million mortgage.
A southern portfolio
Parc at 980’s 30 buildings sit on a 43.1 acre site at 980 Walther Blvd. Completed in 1997, the property offers one-, two- and three-bedroom apartments with an average size of 1,093 square feet. Common-area amenities include a fitness center, a business center, a tennis court, two swimming pools and laundry facilities. The suburban property, 30 miles northeast of Atlanta, is next to Georgia Gwinnett College and a short distance from a 286,000-square-foot retail center.
The 1998-built Avenue Apartments is located at 1024 Vizcaya Lake Road. The property comprises 19 buildings with one- and two-bedroom units ranging from 477 to 1,075 square feet. The community offers a clubhouse, a pet park, a playground, two swimming pools and grilling areas. The asset is next to West Oaks Mall, less than 10 miles west of downtown Orlando.
More sales pending
BRT also has entered into a contract to sell its interest in two St. Louis properties totaling 181 units. The investor will sell its stake in the Tower at Opop and Lofts at Opop to its joint venture partners for $3 million.
Early last year, BRT paid $38 million for a 264-unit community in Wilmington, N.C. The multifamily REIT’s North Carolina portfolio also includes a 312-unit asset acquired in early 2019, according to Yardi Matrix.