The Real Deal Miami

Owner under contract to sell PB Gardens apartment complex for $97.3M

Publicly held BRT Apartments Corp. expects a $20.5 million profit on the sale of the 542-unit property
January 28, 2018 10:00AM

The Fountains Apartments in Palm Beach Gardens (Credit: www.emagine.us)

The owner of a 542-unit apartment complex in Palm Beach Gardens is under contract to sell the property for $97.3 million.

BRT Apartments Corp. expects to close the sale of The Fountains Apartments in the April-June period. The contractual price equals $179,520 per unit.

Great Neck, New York-based BRT is a publicly held real estate investment trust listed on the New York Stock Exchange under ticker symbol BRT.

BRT expects to record a $20.5 million profit on the sale of The Fountains Apartments, located at 4120 Square Boulevard, near the intersection of North Military Trail and PGA Boulevard.

The apartment complex had $9.2 million of revenue and $7.9 million of expense (including $3.8 million of depreciation and interest expense) in the 12 months ended in September, according to BRT.

The Fountains Apartments have one-, two- and three-bedroom units with monthly rents starting at $1,144, according to the property’s website.

Common-area amenities include three swimming pools, a 24-hour gym, a tennis and basketball court, a fitness trail and a picnic area with barbecue grills. – Mike Seemuth