August 17, 2016
BRT Realty Trust, headquartered in Great Neck, NY, bought the 271-unit Pointe at Lenox Park, a multifamily property at 1900 N. Druid Hills Rd. N.E., in Brookhaven, GA, just north of Atlanta. BRT paid Atlanta-based Courtland Partners $39.1 million. The transaction also included $27.4 million of mortgage debt, with an annual interest rate of less than 4%. The three-year, interest-only debt matures in September 2026.
The previous owner acquired the 1980s property in 2014 for $24.9 million; then the asset underwent extensive renovations. “This acquisition deepens our presence in Atlanta, a leading market for job growth in the United States since 2010, and broadens our joint venture network as we added a partner with local experience to our network of partners,” said Jeffrey A. Gould, president and CEO of BRT Realty.
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