BRT Sells Two Multifamily Properties for $33.2M

Houston, Texas

HOUSTON, TX – BRT Apartments Corp. has announced the sale of two multifamily properties located in Houston, TX. The properties, Stonecrossing Apartments and Stonecrossing East, consist of a collective 384 units and sold in a $33.2 million transaction. BRT held a 91% joint venture equity interest in the properties.

The $33.2 million sale included a gain of $9.9 million, of which $894,000 was allocated to the non-controlling interest. $125,000 of a $1.4 million mortgage prepayment charge acquired by BRT, was also allocated to the non-controlling interest. BRT’s final net gain in the transaction is approximately $7.8 million.