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.
BRT purchased the two multifamily communities in two separate transactions in 2013, before repositioning the properties. The communities have produced an annual IRR of more than 17% in the last six years.
BRT Apartments Corp. is a real estate investment trust that owns, operates and develops multifamily properties, directly or through joint ventures.
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