KATY – Great Neck, NY-based BRT Realty Trust has acquired Retreat at Cinco Ranch in a 75/25 joint venture with Robbins Property Associates.
Retreat at Cinco Ranch was constructed in 2008 at 3306 S. Fry Rd. It consists of one- to three-bedroom floor plans across 12 garden-style buildings.
It was purchased for $40.3 million, or around $150,000 per unit, from JRK Property Holdings.
The acquisition includes $30.8 million of mortgage debt that matures in 2026 with a fixed interest rate of 4.44 percent.
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