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.
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 44 properties with a market value of $3.2 billion.
NPRC is a wholly owned portfolio company of Prospect Capital Corporation (NASDAQ: PSEC), a publicly traded business development company with $6.8 billion of total assets as of June 30, 2025.
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:
Scott Ramsey, Managing Director
SRamsey@npreitcorp.com
(646) 536-9906
