AcquisitionsJun 4, 2026, 04:17 PM
BRT Apartments to Acquire 336-Unit Property for $80M
AI Summary
BRT Apartments Corp. announced an agreement to acquire Ranch Lake Apartments, a 336-unit multifamily property in Bradenton, Florida, for approximately $80 million. The acquisition includes assuming a $45.7 million HUD-insured mortgage at a 2.91% interest rate, with the remaining $38 million to be funded through refinancings, property sales, and its credit facility. The transaction is expected to close in late 2026 or early 2027, subject to customary conditions, though the company noted a challenging operating environment and no assurance of accretion to earnings.
Key Highlights
- BRT Apartments Corp. agreed to acquire Ranch Lake Apartments, a 336-unit multifamily property, for approximately $80 million.
- The purchase price includes the assumption of an approximately $45.7 million HUD-insured mortgage.
- The mortgage carries an interest rate of 2.91% and matures in 2056.
- The remaining approximate $38 million will be funded from refinancings, property sales, and credit facility.
- The transaction is anticipated to close in Q4 2026 or Q1 2027, subject to due diligence and approvals.
- Revenues for the property were $1,824 thousand for the three months ended April 30, 2026.
- Real estate operating expenses were $765 thousand for the three months ended April 30, 2026.
- Revenues for the property were $7,403 thousand for the twelve months ended April 30, 2026.
Price Impact
More from BRT