Firm Capital Apartment REIT Completes Sale of Austin Property for $12.6 Million

All figures in $USD unless otherwise noted.
TORONTO, June 22, 2023 (GLOBE NEWSWIRE) -- Toronto, Ontario, June 22, 2023. Firm Capital Apartment Real Estate Investment Trust (“the “Trust”), (TSXV: FCA.U), (TSXV: FCA.UN) is pleased to report that it has completed the previously announced sale of one of its properties located in Austin, Texas for $12.6 million. Net of associated mortgage debt and closing costs, the net sale proceeds of approximately $8.8 million are being used to pay off additional debt including, but not limited to, the mortgage associated with the Trust’s other property located in Austin, Texas; bank indebtedness and the vast majority of the $5.1 million (CAD$6.9 million) Bridge Loan. The property sold had a sales price in line with its IFRS value.

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