BRT Apartments Corp. announced the acquisition of 1322 North, a 214-unit Class A apartment complex located in Auburn, Alabama. The property was acquired for $36.5 million through a joint venture, in which BRT holds an 80% equity interest.
The acquisition was financed with a $24.4 million mortgage maturing in 2032, bearing a fixed interest rate of 5.38% and structured as interest-only through maturity. BRT contributed $10.7 million of equity to the transaction, borrowing $7.0 million from its $40 million credit facility at a current interest rate of 6.87%.
This acquisition expands BRT's presence in Auburn, Alabama, complementing its existing ownership of The Village at Lakeside, located one mile away. As of July 21, 2025, BRT's portfolio now includes 30 multi-family properties with 8,161 units across 11 states, aligning with its strategy of investing in growing markets with high demand.
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