BRT Realty Trust has acquired two multi-family properties for $54.8 million, including the assumption of $42 million in debt. In the first transaction, the company acquired a 268 unit multi-family property located in Katy, TX for $40.3 million, including a $30.8 million mortgage. The second purchase was of a 240 unit multi-family property located in Macon, GA, for $14.5 million, including a $11.2 million mortgage.
Jeffrey A. Gould, President and Chief Executive Officer of BRT commented that: “These acquisitions demonstrate that we continue to be able to acquire multi-family properties that we believe over time will be accretive to funds from operations. Including a multi-family property held-for-sale and two multi-family development properties under construction, one of which is substantially complete, we currently own 32 multi-family properties located in 11 states, with an aggregate of 9,315 units.”
