SOURCE: BRT Realty Trust

March 07, 2016 16:15 ET

BRT Realty Trust Acquires Multi-Family Property for $35 Million

GREAT NECK, NY--(Marketwired - Mar 7, 2016) - BRT REALTY TRUST (NYSE: BRT) today announced that on February 29, 2016, acquired through a joint venture in which it has a 60% interest, a 392 unit multi-family property located in Southaven, Mississippi for $35 million, inclusive of $28 million of mortgage debt obtained in connection with the acquisition. The mortgage matures in 2026, is interest only until 2021, and bears an interest rate of 4.24%.

About BRT Realty Trust:

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: Interested parties are encouraged to review the Form 10-K for the year ended September 30, 2015 and the Quarterly Reports on Form 10-Q filed thereafter with the Securities and Exchange Commission for additional information.

Contact Information

  • Contact:
    Investor Relations

    60 Cutter Mill Road
    Suite 303
    Great Neck, New York 11021
    Telephone (516) 466-3100
    Telecopier (516) 466-3132