BRT Apartments Acquires 150-Unit Oaks at Victory in Savannah for $23M

BRT Apartments Corp. has expanded its portfolio with the acquisition of Oaks at Victory, a 150-unit garden-style apartment complex in Savannah, Georgia, for $23.0 million. This marks the company's first investment in Savannah and is part of its strategy to grow in the Southeast, focusing on markets with growth potential. The property, formerly known as Ascend Midtown, includes 1- to 3-bedroom units and amenities such as a clubhouse, fitness center, swimming pool, and laundry facilities. BRT acquired the property through a joint venture owning an 80% equity interest, assuming a mortgage with a 2.71% interest rate, and also borrowed $8.0 million from its credit facility to finance the purchase. CEO Jeffrey A. Gould highlighted the acquisition as a step to drive AFFO and NAV per share growth and integrate seamlessly with the existing portfolio. The company expects to pay off credit facility debt using proceeds from scheduled refinancings in December 2025.