Brt apartments corp. completes sale for $11.4 million gain

Great neck, n.y., sept. 01, 2022 (globe newswire) -- brt apartments corp. (nyse:brt) today announced that the unconsolidated joint venture in which it holds an 80% equity interest, completed the sale of a 204-unit multifamily property, waters' edge, located in columbia, south carolina, for approximately $32.4 million. brt generated an approximate 20% irr from this property over the six years it was owned. brt received net proceeds of approximately $13.3 million from the sale and estimates it will recognize an $11.4 million gain and $385,000 of mortgage prepayment charges, representing its share of such gain and charge. in 2021, this property contributed $66,000 of equity in loss of unconsolidated joint ventures.
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