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BRT Realty Sells Marietta Apartment for Twice 2012 Price


BRT Realty Trust just sold a Marietta area apartment. The mystery is to whom. BRT Realty reported this week to the SEC that it unloaded Ivy Ridge, a 207-unit complex off Delk Road for $17.6M, which reaped the REIT $8M. BRT purchased the circa-1970s property in 2012 for a little more than $8M in a JV with Bascom Group. While not explicitly named in filings, Bascom's share (identified as a “non-controlling partner) of the sale was $3.1M. So, now the question is who bought an apartment building in Marietta for twice the post recession trough value?