BRT Apartments is an internally managed REIT that owns and operates multi-family residential properties, primarily garden-style apartment communities concentrated in the Southeast U.S. and Texas. As of 2025, BRT's portfolio spans 31 properties with 8,311 total units across 11 states — 21 properties are wholly owned and 10 are held through unconsolidated joint ventures with external partners. BRT's revenue is driven by rental income, with returns tied to unit count, occupancy rates, and average rent per unit. Portfolio-wide occupancy generally runs in the low-to-mid 90% range. BRT funds acquisitions with a mix of equity (35–50%) and fixed-rate mortgage debt (50–65%), deliberately using fixed-rate debt to cap interest rate exposure. BRT pursues two main strategies: acquiring stable, cash-flowing Class B or better assets in markets with rental growth potential, and pursuing value-add properties where capital improvements can drive higher rents or occupancy. BRT's focus on Class B assets in secondary and tertiary Sun Belt markets is a deliberate choice to target a broader tenant base and avoid new supply pressure common in Class A urban markets. The joint venture structure allows BRT to access more opportunities, though partners typically earn a "promote," receiving a disproportionate share of upside relative to their equity stake. BRT also holds two preferred equity investments in multi-family properties, targeting a 13% annual return split between a current cash component and a deferred hurdle return.