A New York apartment investment company is expanding its holdings in metro Atlanta.
BRT Apartments Corp. (NYSE:BRT) said Thursday that an entity in which it has a 50 percent equity interest acquired Madison at River Sound, a 586-unit apartment community in Lawrenceville, Ga., for $77.3 million, including $54.4 million of mortgage debt.
The deal gives BRT five properties in Georgia, including The Pointe at Lenox Park (271 units), Avondale Station in Decatur (212 units), Woodland Trails in LaGrange (236 units), and Grove at River Place in Macon (240 units). The company previously owned five other Georgia properties which have since been sold. These included 350-unit Sandtown Vista in Atlanta, which was sold in November 2016 for $36.7 million.
“The purchase of Madison at River Sound represents the completion of the capital redeployment from the previously announced sale of The Fountains Apartments,” said Jeffrey A. Gould, BRT’s CEO, in an announcement. “We once again engaged with a former partner allowing us to act quickly to capitalize on this unique value-add opportunity in an area in which we previously owned a multi-family property. Madison at River Sound is located in a fast growing submarket of the greater Atlanta MSA. This value-add property is well positioned to benefit from the metro area’s diverse economic drivers and strong in-migration. The planned upgrades to the interior of the units and contemplated exterior improvements will allow us to enhance the revenue growth profile of the property.”