BRT APARTMENTS CORP. (NYSE:BRT), a real estate investment trust, announced the acquisition of Oaks at Victory, formerly known as Ascend Midtown, a 150-unit garden-style apartment complex in Savannah, Georgia.
This purchase marks the Company’s first acquisition in Savannah, Georgia. Oaks at Victory is conveniently located on Victory Drive, offering quick access to Victory Square shopping center and the greater Savannah area.
BRT acquired the property for $23.0 million (including a $15.7 million mortgage) through a joint venture in which the Company owns an 80% equity interest. The mortgage, assumed at the time of acquisition, matures in 2031 and carries an interest rate of 2.71% with two years of interest only remaining and a 30-year amortization schedule. In connection with this purchase, BRT borrowed $8.0 million from its credit facility. As of October 6, 2025, BRT has $17.5 million outstanding on its $40.0 million credit facility, with a current interest rate of 6.63% (1-month SOFR plus 2.50%). The Company anticipates that the credit facility debt will be paid off in full using the proceeds it expects to receive in connection with scheduled refinancings in December 2025.
Jeffrey A. Gould, President and Chief Executive Officer stated, “Earlier this year, we acquired 1322 North in Auburn, Alabama, and with the purchase of Oaks at Victory, we are taking another strong step in implementing our strategy of investing in properties in the Southeast, especially in markets that are growing. Our goal is to create stockholder value by finding opportunities, like Oaks at Victory and 1322 North, that will drive AFFO and NAV per share growth and seamlessly integrate with our existing portfolio.”
BRT is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multifamily properties. As of October 6, 2025, BRT owns or has interests in 31 multifamily properties with 8,311 units in 11 states and has preferred equity investments in two multifamily properties.
