Brt apartments corp. completes sale of kendall manor

Great neck, n.y., may 27, 2021 (globe newswire) -- brt apartments corp. (nyse:brt) today announced that it completed its previously announced sale of its wholly-owned multi-family property, kendall manor, located in houston, texas for a sales price of $24.5 million. brt generated net proceeds of approximately $9.5 million from the sale and estimates that during the quarter ending june 30, 2021, it will recognize a gain on sale of this property of $7.4 million. management anticipates redeploying the net proceeds of the sale towards the acquisition of other properties, including the buy-out of its partners' interests in certain joint venture properties, paying down debt, and for general corporate and working capital purposes.
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