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BRT Apartments entity buys Kannapolis, NC, multifamily property for $48M

An entity in which BRT Apartments Corp. has a 65% equity interest paid $48.1 million to purchase the Vive at Kellswater multifamily property in Kannapolis, N.C.

The multifamily real estate investment trust said the consideration includes $33.4 million of mortgage debt assumed in connection with the property purchase. The debt carries a 3.52% annual interest rate and matures in 2052.

The REIT contributed $11.2 million of equity in connection with the purchase and improvements to the 312-unit property.