BRT Apartments acquires Oaks at Victory in Georgia for $23M

BRT APARTMENTS (BRT) 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. Oaks at Victory was constructed in 1968 and consists of 1-, 2- and 3-bedroom apartment homes with several amenities including a clubhouse, fitness center, swimming pool, and laundry facilities. BRT acquired the property for $23M 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 $8M from its credit facility. As of October 6, 2025, BRT has $17.5M outstanding on its $40M credit facility, with a current interest rate of 6.63%. 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.