DFW BRT Apartments Nabs Landings of Carrier Parkway for $31M

BRT Apartments Corp. joined forces with an equity partner to acquire Landings of Carrier Parkway, a 281-unit multifamily property in Grand Prairie, TX. The entity formed by the Great Neck NY-headquartered BRT paid $30.8 million in a value-add play for the Dallas-Fort Worth-area asset. The local seller is listed as D.M. Nicklas LLC.

BRT Apartments obtained a 10-year, $19-million loan for the purchase and renovation. The loan has a 4.37% interest rate, and is interest-only until 2023. BRT contributed $7.3 million in equity.

The property is situated on 15.2 acres at 915 Desco Lane, and delivered in 2001. The property offers studio apartments, as well as one, two and three-bedroom units. Amenities for the gated complex include a resort-style pool and fitness and business centers.

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