Texas + Apartments | July 16, 2019

BRT Apartments Sells 384-Unit Portfolio for $33M

BRT Apartments Corp. sold a two-property apartment portfolio in Houston for $33.2 million to an undisclosed buyer. The two complexes, Stonecrossing Apartments of Westchase, and the adjacent Stonecrossing East of Westchase are in Houston’s west submarket.

Stonecrossing of Westchase Apartments is at 3030 Elmside Dr.; the neighboring Stonecrossing East of Westchase, is situated at 2901 Elmside Dr.

BRT acquired the apartment complexes in 2013 through two separate transactions, as a value-add play. The Great Neck, NY owner repositioned the properties during its hold. “We are selling these over 39-year-old properties as they reached their full growth potential,” BRT’s’ Jeffrey A. Gould said. “Proceeds from the sale were used to pay down our credit facility.”

Pictured: Stonecrossing East of Westchase

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.