Tennessee Multifamily Property Sells for $31.1 Million

Posted on Mar 9 2016 - 12:33am by Lance Edwards

Apartment complex and multifamily construction

(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.