SOURCE: BRT Realty Trust

April 10, 2017 16:15 ET

BRT Apartments Corp. Acquires Three Luxury Multi-Family Properties in St. Louis, Missouri for $74.6 Million

GREAT NECK, NY--(Marketwired - Apr 10, 2017) - BRT Apartments Corp. (NYSE: BRT) today announced that from February 28, 2017 through April 7, 2017 it acquired, through joint ventures, three luxury multi-family properties with an aggregate of 355 units located in St. Louis, Missouri for $74.6 million, including $55.2 million of mortgage debt obtained in connection with the acquisitions. The properties include: Vanguard Heights, a 174-unit mid-rise property in the desirable Creve Coeur neighborhood; The Tower at OPOP, a recently constructed 128 unit, 25-story modern luxury building located in the heart of downtown St. Louis; and The Lofts at OPOP, a 53 unit multi-family loft building located near The Tower at OPOP.

"Our three property acquisition in St. Louis provides BRT with a meaningful presence in an attractive market. These properties are among the highest quality in our portfolio and have a strong resident profile," stated Jeffrey A. Gould, President and Chief Executive Officer. "Our pipeline remains very active and we look forward to adding additional properties of this caliber throughout the year as we continue to scale our multifamily platform."

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 either 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: www.BRTRealty.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 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

    www.BRTRealty.com