BRT Apartments Pays $38M for North Carolina Community

Working on behalf of the buyer, JLL arranged more than $20 million in Fannie Mae acquisition financing for the property.
Abbotts Run

BRT Apartments Corp. has acquired Abbotts Run, a 264-unit community in Wilmington, N.C., for $38 million. The acquisition was financed with a $23.2 million loan with an interest rate of 4.71 percent and an amortization schedule of 30 years. According to Yardi Matrix, BRT purchased the asset from ILM Capital and JLL secured the Fannie Mae financing.

The property came online in 2002 and comprises one-, two- and three-bedroom units, as well as more than 460 parking spaces. Common-area amenities include a fitness center, volleyball court, swimming pool and laundry facilities. The buyer plans to implement capital improvements at Abbotts Run. According to Yardi Matrix, the nine-building community was 95.8 percent occupied as of January.

Located at 511 Cobblestone Drive, on approximately 15 acres, the property is within 5 miles of Wilmington International Airport and 2 miles of the University of North Carolina. The surrounding area has several retail options, including New Centre Market, which is within walking distance of the asset.

This transaction marks BRT’s second North Carolina acquisition. In July, the REIT sold two Houston properties in a portfolio transaction of $33 million.