BRT Apartments Corp. Announces the Acquisition of Apartment Complex in Auburn, Alabama
BRT Apartments Corp. (NYSE:BRT) has acquired 1322 North, a 214-unit Class A apartment complex in Auburn, Alabama for $36.5 million. The property, constructed in 2002, was purchased through a joint venture in which BRT holds an 80% equity interest.
The acquisition includes a $24.4 million mortgage with a 5.38% fixed interest rate, maturing in 2032. BRT contributed $10.7 million in equity, partially funded through a $7.0 million draw from its credit facility at 6.87% interest. The property is strategically located near Auburn University and East Alabama Medical Center, complementing BRT's existing Auburn property, The Village at Lakeside.
BRT Apartments Corp. (NYSE:BRT) ha acquisito 1322 North, un complesso residenziale di classe A con 214 unità ad Auburn, Alabama, per 36,5 milioni di dollari. La proprietà, costruita nel 2002, è stata acquistata tramite una joint venture in cui BRT detiene un 80% di partecipazione azionaria.
L'acquisizione comprende un mutuo da 24,4 milioni di dollari con un tasso fisso del 5,38%, in scadenza nel 2032. BRT ha contribuito con 10,7 milioni di dollari in capitale proprio, finanziati parzialmente da un prelievo di 7,0 milioni di dollari dalla sua linea di credito con un interesse del 6,87%. La proprietà è strategicamente situata vicino all'Università di Auburn e al East Alabama Medical Center, integrando la proprietà già posseduta da BRT ad Auburn, The Village at Lakeside.
BRT Apartments Corp. (NYSE:BRT) ha adquirido 1322 North, un complejo de apartamentos de Clase A con 214 unidades en Auburn, Alabama, por 36,5 millones de dólares. La propiedad, construida en 2002, fue comprada a través de una empresa conjunta en la que BRT posee un 80% de participación accionaria.
La adquisición incluye una hipoteca de 24,4 millones de dólares con una tasa fija del 5,38%, que vence en 2032. BRT aportó 10,7 millones de dólares en capital, financiados parcialmente mediante un retiro de 7,0 millones de dólares de su línea de crédito con un interés del 6,87%. La propiedad está estratégicamente ubicada cerca de la Universidad de Auburn y del East Alabama Medical Center, complementando la propiedad existente de BRT en Auburn, The Village at Lakeside.
BRT Apartments Corp. (NYSE:BRT)는 앨라배마주 오번에 위치한 214가구 규모의 클래스 A 아파트 단지인 1322 North를 3,650만 달러에 인수했습니다. 2002년에 건설된 이 부동산은 BRT가 80% 지분을 보유한 합작 투자 형태로 매입되었습니다.
이번 인수에는 2032년에 만기가 도래하는 연 5.38% 고정 금리의 2,440만 달러 모기지론이 포함되어 있습니다. BRT는 1,070만 달러의 자본금을 출자했으며, 이 중 일부는 6.87% 금리의 신용 한도에서 700만 달러를 차입하여 조달했습니다. 이 부동산은 오번 대학교와 이스트 앨라배마 메디컬 센터 인근에 전략적으로 위치해 있으며, BRT가 이미 보유한 오번의 The Village at Lakeside 부동산과 시너지를 이룹니다.
BRT Apartments Corp. (NYSE:BRT) a acquis 1322 North, un complexe d'appartements de classe A de 214 unités à Auburn, Alabama, pour 36,5 millions de dollars. La propriété, construite en 2002, a été achetée via une coentreprise dans laquelle BRT détient une participation en actions de 80%.
L'acquisition comprend une hypothèque de 24,4 millions de dollars avec un taux d'intérêt fixe de 5,38 %, arrivant à échéance en 2032. BRT a apporté 10,7 millions de dollars en fonds propres, partiellement financés par un retrait de 7,0 millions de dollars sur sa facilité de crédit à un taux d'intérêt de 6,87 %. La propriété est stratégiquement située près de l'Université d'Auburn et du East Alabama Medical Center, complétant la propriété existante de BRT à Auburn, The Village at Lakeside.
BRT Apartments Corp. (NYSE:BRT) hat 1322 North, einen Apartmentkomplex der Klasse A mit 214 Einheiten in Auburn, Alabama, für 36,5 Millionen US-Dollar erworben. Die Immobilie, die 2002 erbaut wurde, wurde durch ein Joint Venture gekauft, an dem BRT eine 80%ige Eigenkapitalbeteiligung hält.
Der Erwerb umfasst eine 24,4 Millionen US-Dollar Hypothek mit einem festen Zinssatz von 5,38%, die im Jahr 2032 fällig wird. BRT steuerte 10,7 Millionen US-Dollar Eigenkapital bei, das teilweise durch eine 7,0 Millionen US-Dollar Kreditaufnahme aus seiner Kreditfazilität mit 6,87% Zinsen finanziert wurde. Die Immobilie befindet sich strategisch günstig in der Nähe der Auburn University und des East Alabama Medical Center und ergänzt BRTs bestehendes Anwesen in Auburn, The Village at Lakeside.
- None.
- Additional debt burden with $7.0 million drawn from credit facility at 6.87% interest
- Property is over 20 years old (constructed in 2002)
- Refinancing risk if unable to secure mortgage financings to pay off credit facility debt by March 2026
Insights
BRT expands Auburn footprint with strategic $36.5M acquisition using efficient capital structure, strengthening Southeast market presence.
BRT's acquisition of the 214-unit 1322 North apartment complex for
The financial structure of this deal is particularly noteworthy. BRT secured a
This acquisition aligns with BRT's stated strategy of targeting Southeast markets with favorable supply-demand dynamics. Auburn's two major employers - Auburn University and East Alabama Medical Center - provide stable demand drivers for rental housing in the area. The 2002 construction date suggests the property is mature but not aging, likely requiring moderate rather than extensive capital improvements.
With this addition, BRT now owns or has interests in 30 multi-family properties totaling 8,161 units across 11 states. The company's stated focus on driving AFFO (Adjusted Funds From Operations) and NAV (Net Asset Value) growth through portfolio integration indicates a disciplined approach to creating long-term shareholder value rather than simply increasing property count.
GREAT NECK, N.Y., July 21, 2025 (GLOBE NEWSWIRE) -- BRT APARTMENTS CORP. (NYSE:BRT), a real estate investment trust, today announced the acquisition of 1322 North, a 214-unit Class A apartment complex in Auburn, Alabama.
The acquisition of 1322 North complements BRT’s ownership of The Village at Lakeside, an Auburn, Alabama property it has owned since 2019. The properties are located one mile from each other and near the region’s two largest employers, Auburn University and East Alabama Medical Center. 1322 North was constructed in 2002 and consists of 214 apartment units contained in 14 two- and three-story residential buildings.
BRT acquired the property for
Jeffrey A. Gould, President and Chief Executive Officer stated, “The purchase of 1322 North is another example of our strategy of investing in properties in the Southeast, especially in markets that are growing with low supply and high demand for quality. This acquisition is a continuation of our approach to drive, over-time, AFFO and NAV per share growth by investing in properties that we can seamlessly integrate with our existing portfolio.”
BRT is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties. As of July 21, 2025, BRT owns or has interests in 30 multi-family properties with 8,161 units in 11 states. For additional information on BRT’s operations, activities and properties, please visit its website at www.brtapartments.com.
Cautionary Note Regarding Forward Looking Statements:
Certain information contained in this press release, together with other statements and information publicly disseminated by BRT Apartments Corp. is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. We intend such forward looking statements to be covered by the safe harbor provision for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for the purpose 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,” “could,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof. Information regarding important factors that could cause actual outcomes or other events to differ materially from any such forward looking statements appear in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the reports filed with the Securities and Exchange Commission thereafter; in particular, the sections of such reports entitled “Cautionary Note Regarding Forward Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, included therein. In addition, anticipated mortgage financings and refinancings that will allow the Company to pay-off its credit facility debt may not be completed or generate sufficient net proceeds to pay-off such debt. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect the Company’s actual results, financial condition, cash flows, performance or future achievements.
Contact:
BRT APARTMENTS CORP.
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone: (516) 466-3100
Email: investors@BRTapartments.com
www.BRTapartments.com
