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Gateway Oaks Fetches $39 Million in Suburban Dallas

BRT Acquires 313-Unit Community in Forney
October 10, 2017
BRT Apartments Corp. (NYSE: BRT), through an entity in which it has a 50% equity interest, acquired the 313-unit Gateway Oaks community in Forney, TX for $39 million, or approximately $125,000 per unit.

Gateway Oaks is located roughly 24 miles east of Dallas on a 14.2-acre site north of US-80 at 1105 N. Gateway Blvd. Completed last September, the Westood Residential-developed community features one-, two- and three-bedroom units in five garden-style buildings with on-site amenities that include a pool, fitness center, sand volleyball court, detached garages and storage units.

The $39 million purchase price includes $25.4 million of mortgage debt non-recourse to BRT. The interest-only loan is for five years and matures in 2027.

For additional details, please refer to CoStar COMP #4020023.
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