NEW YORK, Nov. 25, 2024 (GLOBE NEWSWIRE) — National Property REIT Corp. (“NPRC”) announced today it recently sold its Arlington Park (“Arlington”) multifamily residential property in Marietta, Georgia, for $20.0 million, achieving a 2.4 times cash on cash return on the investment.
Since inception, NPRC has invested in 110 real estate properties, including 83 multifamily residential apartment properties (representing 32,073 multifamily units), 12 self-storage properties, 8 student housing properties, 4 senor living residential properties, and 3 single tenant net lease facilities, totaling 36 million rentable square feet.
“The successful sale of two Georgia properties earlier this month underscores the resilience of multifamily fundamentals and strong investor appetite for high-quality properties in growth markets” said Ted Fowler, Managing Director of National Property REIT Corp. “These exits presented an attractive opportunity to capitalize on successful investments and redeploy capital that align our strategic objectives.”
About National Property REIT Corp.
National Property REIT Corp. (www.npreitcorp.com) is a private REIT that acquires real estate properties, with a particular focus on multifamily residential properties. NPRC may acquire real estate assets directly or through joint ventures alongside operating partners. NPRC’s current multifamily portfolio consists of 47 properties with a market value of $3.5 billion.
NPRC is a portfolio company of Prospect Capital Corporation (NASDAQ: PSEC), a publicly traded business development company with $7.6 billion of total assets as of September 30, 2024.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under NPRC’s control, and that NPRC may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and NPRC undertakes no obligation to update any such statement now or in the future.
For further information, contact:
Ted Fowler, Managing Director
Tfowler@npreitcorp.com
(203) 249-2420
