GREAT NECK, N.Y., Oct. 03, 2017 (GLOBE NEWSWIRE) -- BRT Apartments Corp. BRT announced that on September 28, 2017, an entity in which it has a 50% equity interest acquired Gateway Oaks, a 2016 constructed Class A 313 unit multi-family property located in Forney, Texas for $39.0 million, including $25.4 million of mortgage debt obtained in connection with the acquisition. The debt is non-recourse to BRT, carries an interest rate of 4.15%, is interest only for five years and matures in 2027.
Jeffrey A. Gould, President and Chief Executive Officer of BRT Apartments stated, "Gateway Oaks is one of the recently completed communities within the fast growing Gateway master-planned development in Forney, twenty-two miles east of downtown Dallas. Gateway Oaks offers residents a high end amenity package including a resort style swimming pool, state of the art fitness center, sand volleyball court, detached garages and storage units. In addition, the property has excellent access to I-80 which will enhance the value of our investment over the long term."
Forward Looking Statements:
Certain information contained herein is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. BRT intends such forward looking statements to be covered by the safe harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions or variations thereof. Forward looking statements, including statements with respect to BRT's property ownership and operating activities, involve known and unknown risks, uncertainties and other factors, which, in some cases, are beyond BRT's control and could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and to carefully review the section entitled "Item 1A. - Risk Factors" in BRT's Annual Report on Form 10-K for the year ended September 30, 2016 and in the Quarterly Reports on Form 10-Q filed thereafter.
About BRT Apartments Corp:
BRT is a real estate investment trust that directly, or through joint ventures, owns and operates multi-family properties and other real estate assets. Additional financial and descriptive information on BRT, its operations and its portfolio, is available at BRT's website at: http://brtapartments.com. Interested parties are encouraged to review its Form 10-K for the year ended September 30, 2016 and other reports filed with the Securities and Exchange Commission for additional information.
Contact: Investor Relations
BRT APARTMENTS CORP.
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132
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