(CORDOVA, TN)— A 464-unit multifamily property in Tennessee has just sold for $31.1 million.
The property in Cordova was sold by BRT Realty Trust, a Great Neck, New York-based trust, which anticipates a gain of $6.1 million on the sale.
Jeffrey A. Gould, president and CEO of BRT, says the sale generated a levered internal rate of return of 20 percent.
BTR owns 32 multifamily properties in 12 states, for a total of 9,243 units.
