BRT Nabs 509-Unit DFW Community
- Jul 14, 2017
BRT Apartments Corp. acquired Mercer Crossing, a 509-unit Class A community in Farmers Branch, Texas, from Provident Realty Advisors. The property was purchased for $85.7 million through a joint venture in which BRT has 50 percent equity interest. The sale was subject to a $55.2 million loan from Barings Multifamily Capital, scheduled to mature in July 2028.
Located at 11700 Luna Road, Mercer Crossing offers convenient access to Lyndon B. Johnson Freeway and Interstate 35E. The community features one-, two- and three-bedroom apartments ranging in size from 686 to 1,463 square feet. According to Yardi Matrix data, the average rent per square foot is $1.46 per month as of May, when the 17-building asset was 87.4 percent occupied. Amenities at Mercer Crossing include:
- a fitness center
- business center
- two swimming pools
- more than 800 parking spaces
Through a joint venture in which it has a 58 percent equity interest, BTR also purchased a 44-acre land parcel in the Bells Bluff area of Nashville, Tenn. Here, the venture plans to develop a 402-unit community for an estimated $73 million, funded in part by a prospective $47.4 million construction loan. Earlier this year, BRT acquired three St. Louis luxury communities, totaling 637 units.
Image via SIMC Property Management Group