September 9, 2016
BRT Realty Trust acquired its second multifamily property in Southaven, MS, a suburb of Memphis, TN. The New York REIT acquired the 384-unit Civic Center II, also known as Civic Center East, paying seller Somerset Partners $38.2 million.
The asset at 4744 W. E. Ross Pkwy. was paid for, in part, with a $30.6 million mortgage, which carries an annual interest rate of 3.73%, five years of interest-only payments and a maturity date of October 2016. The just-acquired asset is near the 392-unit Civic Center I (Civic Center West) at 4740 Hwy 51 N, which BRT acquired in May.
In an unrelated transaction, BRT sold the 496-unit Sundance, located in Wichita, KS, for $30.4 million.
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