It's the second apartment property in Southaven, MS for the company. Civic Center II is 384 units and was purchased for $38.2M by a JV in which BRT has a 60% interest. It includes a $30.6M mortgage at 3.73%.
The company - also through a JV - sold Sundance, a 496-unit multifamily property in Wichita, KS for $30.4M. BRT expects to book a Q4 gain of $5.3M.
Sold was a 324-unit property in Colliersville, TN for $34.3M. BRT estimates it will book a $4.5M gain on sale. Also sold was a 127-unit property in Little Rock for $3M, which should lead to a $400K gain.
Purchased through a JV in which BRT owns 80% was a 204-unit property in Columbia, SC for $17M. It comes with a $12.9M mortgage maturing in 2026, beating interest at 4.28%, with interest-only payments until 2019.