BRT Apartments to sell multifamily property for more than $97M
BRT Apartments announced that it has entered into a contract to sell The Fountains Apartments, a 542 unit property located in Palm Beach Gardens, Florida, for approximately $97.3M. It is anticipated the sale will be completed, subject to the satisfaction of customary closing conditions, in the second quarter of fiscal 2018. BRT estimates that its share of the gain on this sale, net of its share of mortgage prepayment charges, will be approximately $20.5M. During the fiscal year ended September 30, 2017, this property generated $9.2M of rental and other revenue and $7.9M of expense, including $1.9M of depreciation and $1.9M of interest expense. "We anticipate that in the short-term, we will be able to recycle the proceeds from this sale into accretive acquisition opportunities," commented Jeffrey A. Gould, CEO and President of BRT.