Publicly traded BRT Apartments Corp told investors in their last quarterly call that they sold the Retreats at Cinco Ranch for $68 million. The 268-unit project had a debt of $30 million and the company said it realized a gain of $16.4 million. The buyer was not disclosed.
The community at 3306 South Fry Road offers one, two and three bedroom units averaging between $1,225 and $1,865 in monthly rent. The buyer paid $253,000 per unit.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.