BRT Apartments Corp. Announces the Acquisition of Apartment Complex in Savannah, Georgia
GREAT NECK, N.Y., Oct. 06, 2025 (GLOBE NEWSWIRE) -- BRT APARTMENTS CORP. (NYSE:BRT), a real estate investment trust, today announced the acquisition of Oaks at Victory, formerly known as Ascend Midtown, a 150-unit garden style apartment complex in Savannah, Georgia.
This purchase marks the Company's first acquisition in Savannah, Georgia. Oaks at Victory is conveniently located on Victory Drive, offering quick access to Victory Square shopping center and the greater Savannah area. Oaks at Victory was constructed in 1968 and consists of 1-, 2- and 3-bedroom apartment homes with several amenities including a clubhouse, fitness center, swimming pool, and laundry facilities.
BRT acquired the property for $23.0 million (including a $15.7 million mortgage) through a joint venture in which the Company owns an 80% equity interest. The mortgage, assumed at the time of acquisition, matures in 2031 and carries an interest rate of 2.71% with two years of interest only remaining and a 30-year amortization schedule. In connection with this purchase, BRT borrowed $8.0 million from its credit facility. As of October 6, 2025, BRT has $17.5 million outstanding on its $40.0 million credit facility, with a current interest rate of 6.63% (1-month SOFR plus 2.50%). The Company anticipates that the credit facility debt will be paid off in full using the proceeds it expects to receive in connection with scheduled refinancings in December 2025.
Jeffrey A. Gould, President and Chief Executive Officer stated, "Earlier this year, we acquired 1322 North in Auburn, Alabama, and with the purchase of Oaks at Victory, we are taking another strong step in implementing our strategy of investing in properties in the Southeast, especially in markets that are growing. Our goal is to create stockholder value by finding opportunities, like Oaks at Victory and 1322 North, that will drive AFFO and NAV per share growth and 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 October 6, 2025, BRT owns or has interests in 31 multi-family properties with 8,311 units in 11 states and has preferred equity investments in two multi-family properties. 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. 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: [email protected]
www.BRTapartments.com
