Brt apartments corp. generates gain of approximately $30 million from sales of two properties

Great neck, n.y., aug. 03, 2021 (globe newswire) -- brt apartments corp. (nyse:brt) today announced it completed the sale of two multi-family properties owned by an unconsolidated joint venture in which brt has a 50% interest. these properties, parc at 980, a 586-unit property in lawrenceville, ga and the avenue apartments, a 522-unit property located in ocoee, florida, produced an internal rate of return, or irr, of 24.9% over the three years these properties were owned. brt estimates that as a result of these sales, it will, in the third quarter, after giving effect to its $4.2 million share of a mortgage prepayment charge, recognize an aggregate gain of approximately $30 million of equity in earnings.
BRT Ratings Summary
BRT Quant Ranking