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BRT Apartments unit picks up Texas multifamily property for $31M

BRT Apartments Corp.'s 50%-owned unit paid $30.8 million for a 281-unit multifamily property in Grand Prairie, Texas, to an undisclosed seller.

BRT pooled in $7.3 million of equity for the purchase of the property and any potential improvements.

The consideration for the Landings of Carrier Parkway property includes $19.0 million worth of mortgage debt that will mature in 2028. An interest rate of 4.37% is applicable on the loan, which is interest only until 2023.

Separately, the company noted that it bought six multifamily properties for upward of $230 million in fiscal 2018.