ETRE Residential registers $35 million stock for initial public sale

Company sells series R-1 stock to fund acquisition of rental community

By Devika Patel

Knoxville, Tenn., Sept. 22 – ETRE Residential, LLC will price an initial public offering of series R-1 common stock with a 30-day greenshoe, according to a Form S-11 filed Tuesday with the Securities and Exchange Commission. The company has registered up to $35 million of stock for the deal.

The series R-1 stock has been established to allow investors to own an indirect 89% interest in the Penn Treaty Village Pennthouses, a residential rental community consisting of 224 apartment homes, 28,860 square feet of retail space, and 147 parking spaces, in Philadelphia.

Proceeds will be used to acquire the 89% controlling interest in the Penn Treaty Village Pennthouses, as well as to pay certain closing costs and for working capital.

The real estate investment trust is based in New York. The company intends to list its common stock on the Nasdaq under the symbol “EPNT.”

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