National Property REIT Corp. Exits Dylan at Grayson Investment with 1.7 Times Cash on Cash Return

Globe Newswire 21-Nov-2024 7:01 AM

NEW YORK, Nov. 21, 2024 (GLOBE NEWSWIRE) -- National Property REIT Corp. ("NPRC") announced today it recently sold its Dylan at Grayson ("Dylan") multifamily residential property in Grayson, Georgia, for $56.7 million, achieving a 1.7 times cash on cash return on the investment acquired in December 2020.

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 senior living residential properties, and 3 single tenant net lease facilities, totaling 36 million rentable square feet.

"The Dylan sale demonstrates the strong performance of NPRC's workforce housing focused portfolio, which has delivered consistent net operating income growth," said Ted Fowler, Managing Director of National Property REIT Corp. "NPRC continues to benefit from demographic trends, driving high occupancy and rent growth, sustaining strong operational performance in the multifamily sector."

About National Property REIT Corp.

National Property REIT Corp. (www.npreitcorp.com) is a REIT that acquires real estate properties, with a particular focus on multifamily real estate. NPRC may acquire real estate assets directly or through joint ventures alongside operating partners. NPRC's current multifamily portfolio consists of 48 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