BRT Apartments sells Retreat at Cinco Ranch for $68.3M, expects $16.5M gain

BRT Apartments Corp.

Sold Retreat at Cinco Ranch (Katy, TX) for $68.3M; BRT held 75% interest in unconsolidated joint venture.
BRT received net proceeds of ~$21.4M and expects $16.5M gain in Q2 2022, after $639k defeasance charge.
Property generated ~20.4% IRR over 6.5 years; had $30.2M mortgage debt at 4.44%, remaining term 3.8 years.
Proceeds to be used for partner buy-outs, pay down ~$6M credit facility debt, and general corporate purposes.

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