U.S. BRT Apartments sells 271-unit property for $51.7 million

New York-based real estate investment trust BRT Apartments Corp. has sold a factory at Garco Park for a gross purchase price of $51.7 million and a gain of approximately $12 million.

This 271-unit property, in which BRT Apartments held a 65 percent joint venture equity interest, is located in North Charleston, South Carolina.

BRT's share of this gain, after giving effect to non-controlling interests of about $6.3 million, will be approximately $5.7 million and will be recognized in the first quarter of fiscal 2019.

BRT said that it will be recycling a portion of the proceeds from the sale into value-added acquisitions where the company expects to generate an attractive return while benefiting from current cash flow.