GREAT NECK, N.Y., Oct. 30, 2018 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) announced that an entity in which it has a 90% equity interest acquired Crestmont at Thornblade, a 266-unit multi-family property located in Greenville, South Carolina, for $37.8 million, including $26.4 million of mortgage debt obtained in connection with the acquisition. The mortgage debt matures in 2028, carries an interest rate of 4.69%, is interest only until 2023 and amortizes on a 30 year amortization schedule thereafter. BRT contributed $12.9 million of equity in connection with the acquisition and anticipated improvements to the property.

Crestmont at Thornblade is well located in Greenville, South Carolina, off of I-85. The community is well situated near major employers, including Michelin, BMW and Greenville Health Systems.

Jeffrey A. Gould, Chief Executive Officer of BRT stated: “We are pleased to add our fourth property in the growing state of South Carolina. Specifically, we are excited about the acquisition of Crestmont at Thornblade, which provides us with the opportunity to create meaningful long-term value as we modernize the apartments and the amenities, which should allow us to increase rents and drive long-term NOI growth.”

About BRT Apartments Corp.:

BRT is a real estate investment trust that either directly, or through joint ventures, owns and operates multi-family properties and other real estate assets. Additional financial and descriptive information on BRT, its operations and its portfolio, is available at BRT’s website at: http://BRTapartments.com. Interested parties are encouraged to review BRT’s Annual Report on Form 10-K for the year ended September 30, 2017, and the other reports filed thereafter with the Securities and Exchange Commission for additional information.