Private REIT Now Owns 930 Residential Units in Six States
ROCHESTER, N.Y. – Broadtree Residential (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), continues to grow its diversified residential income REIT. Today, Broadtree announced the acquisition of a portfolio of 120 single family rental homes in suburban Atlanta, Georgia, for a total purchase price of approximately $8.5 million.
Broadtree, which focuses on acquiring portfolios of stabilized single family homes, multifamily apartment communities, and other types of residential rental property, purchased the 120-unit portfolio from a large institutional single family rental owner-operator. The homes average 1,405 square feet, and were acquired for an average purchase price of approximately $71,000, or $51 per square foot. As of closing, the portfolio was over 90% occupied. Broadtree currently owns and manages 421 single family homes in the Atlanta area.
“This portfolio of single family homes complements our existing Atlanta footprint very nicely. The homes were renovated to our high standards, and we are pleased with the in-place resident base,” said Amy Tait, Chairman and CEO of Broadstone. “Broadtree plans to announce additional multifamily and single family rental home portfolio acquisitions throughout the balance of the year.”
Tones Vaisey PLLC represented Broadtree on this transaction.
About Broadtree Residential:
Broadtree Residential is a private residential income REIT that holds a diversified, geographically dispersed portfolio of 930 residential rental units in Western New York; Florida; the Atlanta, Georgia area; the Greater Minneapolis, Minnesota area, Kentucky, and North Carolina.
Broadtree seeks residential property acquisitions via outright purchase for cash and/or through UPREIT transactions. UPREIT transactions, (where “UPREIT” stands for Umbrella Partnership REIT), provide a tax deferred exit strategy for owners of real estate who might otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax basis. These transactions enable the property owner to exchange owned real estate for an interest in a professionally managed portfolio that is diversified by geography and property type.
Broadtree, which is externally managed by Broadstone, remains open for investment by accredited investors only, with a minimum initial investment of $100,000. Shares are offered via private placement. Please see certain important disclosures regarding Broadtree at broadstone.com/disclosures.
Accredited investors are invited to download an investor kit: broadstone.com/T16