Prospect Capital's Real Estate Arm Sells Connecticut Apartment Complex For $151.75M

National Property REIT Corp. ("NPRC"), a wholly owned portfolio company of Prospect Capital Corporation (NASDAQ:PSEC), today announced the sale of Crown Point Apartments ("Crown Point"), a multifamily property in Danbury, Connecticut, for $151.75 million, achieving a 19.1% internal rate of return and a 2.6x cash-on-cash multiple on the investment.

Since inception, NPRC cumulatively has invested in 110 real estate properties (with 55 properties exited to date), 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.

"This sale highlights our disciplined investment approach and focus on long-term value creation," said Mack Levine, Vice President of National Property REIT Corp. "Crown Point has been a strong performer within our portfolio, and this exit allows Prospect Capital Corporation to redeploy capital into opportunities that further Prospect's strategic objectives."

CBRE's team, led by Jeffrey Dunne, Eric Apfel, Stuart Mackenzie and Travis Langer represented NPRC in the transaction.