BRT completes $91.3M sale of The Vive, buys out partner in Grove at River Place for $7.5M

BRT Apartments Corp.

Sold The Vive for $91.3M; expects $21.5M gain in Q2 2022 after $745K prepayment charge.
Generated 39.9% IRR over 3.25 years from The Vive; BRT received ~$30.2M net proceeds.
Purchased remaining 20% interest in Grove at River Place for $7.5M; consolidates $10.4M mortgage at 4.39%.
Proceeds to be used for partner buyouts, debt paydown, and general corporate purposes.
CEO cites continued portfolio growth and value extraction from targeted asset transactions.

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