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BRT Apartments unit buys multifamily asset in Georgia for $77M

Multifamily residential real estate investment trust BRT Apartments Corp., through a 50%-owned entity, paid $77.3 million to purchase a 586-unit multifamily property in Lawrenceville, Ga., from an undisclosed seller.

The consideration for Madison at River Sound includes $54.4 million worth of mortgage debt, which was arranged in connection with the purchase.

BRT paid $15.2 million in equity for the purchase, funded through the remaining proceeds of The Fountains Apartments' sale.