Core Viewpoint - BRT Apartments Corp. has acquired a 214-unit Class A apartment complex named 1322 North in Auburn, Alabama for $36.5 million, enhancing its portfolio in a growing market with high demand for quality housing [1][3][4]. Group 1: Acquisition Details - The acquisition of 1322 North complements BRT's existing property, The Village at Lakeside, located one mile away, near major employers Auburn University and East Alabama Medical Center [2]. - The property consists of 214 apartment units across 14 residential buildings, constructed in 2002 [2]. - BRT's acquisition involved a joint venture where it holds an 80% equity interest, with a total equity contribution of $13.4 million, of which BRT contributed $10.7 million [3]. Group 2: Financial Structure - The acquisition was financed through a $24.4 million mortgage, maturing in 2032, with a fixed interest rate of 5.38% and interest-only payments until maturity [3]. - BRT borrowed $7.0 million from its $40 million credit facility, which has a current interest rate of 6.87%, intending to pay off this balance through future mortgage financings and refinancings by March 31, 2026 [3]. Group 3: Strategic Intent - The CEO of BRT stated that the acquisition aligns with the company's strategy of investing in Southeast markets characterized by low supply and high demand, aiming to drive growth in AFFO and NAV per share over time [4]. - As of July 21, 2025, BRT owns or has interests in 30 multi-family properties totaling 8,161 units across 11 states [4].