BRT Apartments Corp. Completes Sale of Kendall Manor
GREAT NECK, N.Y., May 27, 2021 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) today announced that it completed its previously announced sale of its wholly-owned multi-family property, Kendall Manor, located in Houston, Texas for a sales price of $24.5 million. BRT generated net proceeds of approximately $9.5 million from the sale and estimates that during the quarter ending June 30, 2021, it will recognize a gain on sale of this property of $7.4 million. Management anticipates redeploying the net proceeds of the sale towards the acquisition of other properties, including the buy-out of its partners interests in certain joint venture properties, paying down debt, and for general corporate and working capital purposes.
BRT Apartments Corp. Completes Sale of Kendall Manor
GREAT NECK, N.Y., May 27, 2021 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) today announced that it completed its previously announced sale of its wholly-owned multi-family property, Kendall Manor, located in Houston, Texas for a sales price of $24.5 million. BRT generated net proceeds of approximately $9.5 million from the sale and estimates that during the quarter ending June 30, 2021, it will recognize a gain on sale of this property of $7.4 million. Management anticipates redeploying the net proceeds of the sale towards the acquisition of other properties, including the buy-out of its partners interests in certain joint venture properties, paying down debt, and for general corporate and working capital purposes.