SAN ANTONIO, TX – Great Neck, NY-based REIT, BRT Apartments Corp. has sold the 288-unit multifamily property, The Veranda at Shavano, in San Antonio, TX for $53.8 million.
The company had a 65% equity interest in the property, which it owned in an unconsolidated joint-venture.
The gain on the sale of the property will be $23.7 million. BRT Apartments Corp. expects its share of the gain to be $12.7 million, which will be recognized in Q1 2022. The company owned the property for five and a half years, during which it produced an 18.8% IRR.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
