BRT Apartments Corp. has closed on the purchase of The Avenue Apartments in a $71.3 million transaction. Located in the Orlando submarket of Ocoee, the 522-unit multi-family property changed hands for $136,590 per unit. The deal includes the assumption of $53.1 million in debt. The instrument, which matures in 2028, carries an interest rate of 3.90%, is interest only for seven years, and thereafter amortizes over 30 years. The firm plans to undertake an extensive rehabilitation of the property.
