Broadtree Residential https://broadtreeresidential.com Fri, 14 Feb 2020 21:56:55 +0000 en-US hourly 1 Benefit Street Partners Acquires Assets from Broadstone Real Estate https://broadtreeresidential.com/benefit-street-partners-acquires-assets-from-broadstone-real-estate/ https://broadtreeresidential.com/benefit-street-partners-acquires-assets-from-broadstone-real-estate/#respond Fri, 14 Feb 2020 17:03:55 +0000 https://broadtreeresidential.com/?p=7721 Benefit Street Partners Appointed Advisor to Two Real Estate Funds NEW YORK – February 11, 2020 – Benefit Street Partners (“BSP”), a leading credit-focused alternative asset management firm with $27 billion in assets under management, today announced the purchase of certain real estate related assets from Broadstone Real Estate, LLC (“Broadstone”). As part of the […]

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Benefit Street Partners Appointed Advisor to Two Real Estate Funds

NEW YORK – February 11, 2020 – Benefit Street Partners (“BSP”), a leading credit-focused alternative asset management firm with $27 billion in assets under management, today announced the purchase of certain real estate related assets from Broadstone Real Estate, LLC (“Broadstone”). As part of the transaction, BSP was appointed the new investment adviser to two real estate focused funds, effective immediately. In total, the transaction adds over $450 million in alternative assets under management to the firm. BSP also hired Broadstone’s distribution team of sales specialists. The terms of the transaction were not disclosed.

The purchase expands Benefit Street Partners’ real estate platform, which has been focused on commercial real estate debt. BSP currently manages a commercial mortgage REIT, Benefit Street Partners Realty Trust, Inc., with $3.2 billion in total assets under management. The two Broadstone funds include a private multi-family REIT, Broadtree Residential, Inc., and a real estate focused interval fund.

“This transaction brings a strong team of real estate investment professionals and alternative sales specialists to BSP,” said Richard Byrne, President of Benefit Street Partners. “The addition of these funds and distribution capabilities will serve to grow and enhance our platform.”

Willkie Farr & Gallagher LLP served as legal counsel to BSP.

About Benefit Street Partners
Benefit Street Partners L.L.C. (“BSP”) is a leading credit-focused alternative asset management firm with over $27 billion in assets under management as of December 31, 2019. BSP manages assets across a broad range of complementary credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, and commercial real estate. Based in New York, the BSP platform was established in 2008. BSP is a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.benefitstreetpartners.com.

About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. Franklin Templeton’s Alternatives capabilities comprise a broad range of strategies with $41 billion in assets under management. This includes alternative credit strategies that span private credit, special situations/distressed, structured credit and commercial real estate. In addition, the firm offers private equity, hedge strategies, real assets and venture capital strategies. Franklin Templeton’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in over 30 countries, the California-based company has more than 70 years of investment experience and approximately $688 billion in assets under management as of January 31, 2020. For more information, please visit www.franklinresources.com.

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Broadtree Residential, Inc. Acquires 296-Unit Multifamily Community in Sandy Springs, GA https://broadtreeresidential.com/broadtree-residential-acquires-296-unit-multifamily-community-in-atlanta/ https://broadtreeresidential.com/broadtree-residential-acquires-296-unit-multifamily-community-in-atlanta/#respond Fri, 27 Sep 2019 15:16:38 +0000 https://www.broadstone.com/?p=7444 Private Multifamily Fund Adds ‘Aspire Perimeter’ to Portfolio  ROCHESTER, N.Y. – Broadtree Residential, Inc. (“Broadtree”, “BTR” or the “Fund”), an open-ended, continuously offered, multifamily fund managed by Broadstone Real Estate, LLC (“Broadstone”), today announced the acquisition of Aspire Perimeter, a 296-unit multifamily apartment community in Sandy Springs, GA, which is part of the Atlanta metro. […]

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Private Multifamily Fund Adds ‘Aspire Perimeter’ to Portfolio

 ROCHESTER, N.Y.Broadtree Residential, Inc. (“Broadtree”, “BTR” or the “Fund”), an open-ended, continuously offered, multifamily fund managed by Broadstone Real Estate, LLC (“Broadstone”), today announced the acquisition of Aspire Perimeter, a 296-unit multifamily apartment community in Sandy Springs, GA, which is part of the Atlanta metro.

Constructed in 1996 and fully renovated from 2016 through 2018, Aspire Perimeter is composed of 11 residential buildings. In aggregate, the buildings contain 160 one-bedroom units, 106 two-bedroom units, 26 three-bedroom units, and four three-bedroom townhomes with an average size of 1,146 square feet per unit. All units feature open floorplans with nine-foot ceilings, chef inspired, open kitchens with stainless steel appliances and granite countertops, and a private patio or balcony. The community offers numerous attractive amenities, including a new fitness center, modern clubhouse and business center, resort-style swimming pool, outdoor kitchen, pet grooming spa and dog park, and electric car charging stations.

“The Aspire Perimeter transaction was an off-market deal, which our team was able to underwrite and close in less than 45 days,” said Chris Czarnecki, Broadtree’s CEO. “This stabilized asset is exceptionally well located in Atlanta, which is one of BTR’s primary markets. It is an accretive addition to the scaling Broadtree multifamily portfolio.”

 AIG Asset Management, LLC represented the seller in this transaction, and Vaisey Nicholson & Nearpass PLLC represented Broadtree.

About Broadtree Residential:

Broadtree Residential, Inc. is an open-ended, continuously offered, multifamily fund utilizing a REIT structure. It is designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Our core multifamily investment strategy focuses on delivering total return throughout all economic cycles.

Broadtree seeks residential property acquisitions via outright cash purchases 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 $200,000. Shares are offered via private placement. Please see certain important disclosures regarding Broadstone at broadstone.com/disclosures.

 

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Broadtree Residential, Inc. Acquires 268-Unit Multifamily Community in Pensacola, FL https://broadtreeresidential.com/broadtree-residential-acquires-268-unit-multifamily-community-in-florida/ https://broadtreeresidential.com/broadtree-residential-acquires-268-unit-multifamily-community-in-florida/#respond Tue, 24 Sep 2019 13:08:36 +0000 https://www.broadstone.com/?p=7418 Private Multifamily Fund Adds ‘West Woods Haven’ to Portfolio via UPREIT Transaction ROCHESTER, N.Y. – Broadtree Residential, Inc. (“Broadtree”, “BTR” or the “Fund”), an open-ended, continuously offered, multifamily fund managed by Broadstone Real Estate, LLC (“Broadstone”), today announced the acquisition of West Woods Haven, a Class A, 268-unit multifamily apartment community in Pensacola, FL. West […]

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Private Multifamily Fund Adds ‘West Woods Haven’ to Portfolio via UPREIT Transaction

ROCHESTER, N.Y.Broadtree Residential, Inc. (“Broadtree”, “BTR” or the “Fund”), an open-ended, continuously offered, multifamily fund managed by Broadstone Real Estate, LLC (“Broadstone”), today announced the acquisition of West Woods Haven, a Class A, 268-unit multifamily apartment community in Pensacola, FL.

West Woods Haven represents the Fund’s second UPREIT transaction. In an UPREIT transaction with Broadtree, property owners contribute real estate to the Fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of Operating Partnership Units (OP Units). As a result of this transaction, the sellers contributed an undisclosed amount of equity into the operating partnership of BTR, and now have an interest in a diversified multifamily fund.

Constructed in two phases between 2016 and 2017, West Woods Haven is composed of 12 residential buildings. In aggregate, the buildings contain 96 one-bedroom units, 152 two-bedroom units, and 20 three-bedroom units, with an average size of approximately 1,082 square feet per unit. All units feature open floorplans with nine-foot ceilings, gourmet kitchens with granite countertops, and in-unit laundry. The property also includes detached garage rentals, along with ample surface parking for residents. Numerous attractive amenities are available for residents, including gated access, two 24-hour fitness centers, a modern clubhouse and business center, two resort-style swimming pools, grilling area, two dog parks, and a car care center.

“We are excited to add West Woods Haven to the Broadtree portfolio and expand the Fund’s geographic footprint into Florida. This acquisition is a manifestation of our strategy to acquire stabilized, core assets located in secondary markets” said Chris Czarnecki, Broadtree’s CEO. “We look forward to announcing additional multifamily acquisitions throughout the balance of 2019 and beyond as we continue to grow Broadtree on behalf of our shareholders.”

Cushman & Wakefield represented the seller in this transaction, and Vaisey Nicholson & Nearpass PLLC represented Broadtree.

About Broadtree Residential:

Broadtree Residential, Inc. is an open-ended, continuously offered, multifamily fund utilizing a REIT structure. It is designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Our core multifamily investment strategy focuses on delivering total return throughout all economic cycles.

Broadtree seeks residential property acquisitions via outright cash purchases 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 $200,000. Shares are offered via private placement. Please see certain important disclosures regarding Broadstone at broadstone.com/disclosures.

Accredited investors are invited to download an investor kit: broadstone.com/WW.

About Broadstone:

Broadstone is a sponsor and manager of continuously offered real estate investment offerings for wealth managers, individuals, and institutions seeking alternatives to the public equity markets. The Firm manages over $4.75 billion in real estate assets.

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Multifamily UPREITs: Nuances, Features, and Benefits https://broadtreeresidential.com/blog/multifamily-upreits-nuances-features-and-benefits/ Fri, 22 Feb 2019 15:13:06 +0000 https://www.broadstone.com/?post_type=blog-post&p=6937 An UPREIT transaction can allow an investor to essentially trade one property (or a portfolio) for an equity interest in a larger, diversified portfolio that is managed by the REIT and its advisors. The transaction may offer the investor enhanced liquidity options as well.

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UPREIT, Multifamily Real Estate, Commercial Real EstateThe complications of real estate property management, the desire for diversification, and the nature and process of estate planning are all common reasons for real estate investors to want to exit their real estate investments. Unfortunately, sales of properties for cash are typically taxable events, which means that the investor becomes liable for taxes on the difference between the sales price and the investor’s adjusted tax basis in the property. If the investor has held the property for a long time and substantially depreciated the asset and/or the property has appreciated in value, the tax burden may be significant. Luckily, there are ways for property owners to divest their low-basis multifamily real estate without triggering capital gains through certain tax-deferred transaction structures.

One tax-deferred option is a like-kind exchange under Section 1031 of the Internal Revenue Code (the “Code”), in which an investor exchanges a property for a new property of equal or greater value in what is called a “like-kind exchange”. Depending on the exchange, the new property may be more or less management intensive than the original property. These types of transactions typically do not allow for increased investment diversification.

Another deferral mechanism is a tax-deferred contribution of property to a partnership under Section 721 of the Code, also known in the real estate industry as an UPREIT transaction (where “UPREIT” stands for umbrella partnership real estate investment trust), in which a property owner contributes property to a real estate investment trust’s (REIT’s) subsidiary operating partnership or company in exchange for partnership or membership interests in the operating entity. An UPREIT transaction can allow an investor to essentially trade one property (or a portfolio) for an equity interest in a larger, diversified portfolio that is managed by the REIT and its advisors. The transaction may offer the investor enhanced liquidity options as well.

Intrigued? We invite you to explore the nuances, features, and benefits of UPREIT transactions.

Download Full Whitepaper

 

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Curtis Walker Joins Broadstone as Senior Vice President, Acquisitions https://broadtreeresidential.com/curtis-walker-joins-broadstone-as-senior-vice-president-acquisitions/ https://broadtreeresidential.com/curtis-walker-joins-broadstone-as-senior-vice-president-acquisitions/#respond Mon, 28 Jan 2019 14:55:57 +0000 https://www.broadstone.com/?p=6788 ROCHESTER, N.Y. – Broadstone Real Estate, LLC (“Broadstone”), a sponsor and manager of diversified real estate investment offerings, today announced that Curtis Walker has joined the firm as Senior Vice President, Acquisitions focused on Broadtree Residential, Inc. (“Broadtree” or “BTR”).  Broadtree, which is managed by Broadstone, is a private real estate investment trust (“REIT”) designed […]

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ROCHESTER, N.Y. – Broadstone Real Estate, LLC (“Broadstone”), a sponsor and manager of diversified real estate investment offerings, today announced that Curtis Walker has joined the firm as Senior Vice President, Acquisitions focused on Broadtree Residential, Inc. (“Broadtree” or “BTR”).  Broadtree, which is managed by Broadstone, is a private real estate investment trust (“REIT”) designed to offer accredited investors predictable dividend income and capital appreciation via a diversified portfolio of multifamily apartment communities. Based in Broadstone’s Atlanta, Georgia office, Curtis will lead Broadtree’s acquisition strategy and efforts.

Curtis joins Broadstone with more than 30 years of experience in the real estate industry, including extensive expertise in multifamily investments, development, and dispositions. Most recently, Curtis held the role of Partner at Moran & Company, where he focused on expanding the firm’s brokerage platform in the Southeast. Previously, Curtis served as Director of Acquisitions for Wood Partners, and was directly responsible for the acquisition of approximately $750 million of multifamily investments. Curtis has held other senior level positions with Trammell Crow Company, Post Properties, Fairfield Residential, and AMLI Residential.

We are excited to welcome Curtis to the Broadstone team,” said Sean Cutt, Chief Investment Officer. “He is a terrific fit, bringing years of experience in multifamily acquisitions, investments, and development. We are confident that Curtis will help bring Broadtree to the next level.

About Broadstone

Broadstone is a sponsor and manager of diversified real estate investment offerings for investors and institutions seeking income-oriented alternatives to the public equity markets. Boasting a heritage of commercial and residential real estate expertise and a ten-year track record under the Broadstone masthead, the firm has acquired more than $3 billion of real estate on behalf of investors via direct real estate transactions.

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Broadtree Residential, Inc. Expands Revolving Line of Credit to $300 Million https://broadtreeresidential.com/broadtree-residential-inc-expands-revolving-line-of-credit-to-300-million/ https://broadtreeresidential.com/broadtree-residential-inc-expands-revolving-line-of-credit-to-300-million/#respond Wed, 19 Sep 2018 15:46:40 +0000 https://www.broadstone.com/?p=6367 ROCHESTER, N.Y. – Broadtree Residential, Inc. (“Broadtree”), a private real estate investment trust (“REIT”) managed by Broadstone Real Estate, LLC (“Broadstone”), together with Broadtree Residential, LLC as borrower, announced the expansion of its existing senior secured revolving line of credit (the “Revolver”) from $100 million to $300 million. The company also amended the agreement to […]

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ROCHESTER, N.Y. – Broadtree Residential, Inc. (“Broadtree”), a private real estate investment trust (“REIT”) managed by Broadstone Real Estate, LLC (“Broadstone”), together with Broadtree Residential, LLC as borrower, announced the expansion of its existing senior secured revolving line of credit (the “Revolver”) from $100 million to $300 million. The company also amended the agreement to increase the remaining accordion feature, allowing for future expansion up to $500 million of total borrowing capacity. All other material business terms of the senior secured revolving line of credit remain unchanged.

The Joint Lead Arrangers and Joint Bookrunners for the facility are JPMorgan Chase Bank, N.A., Manufacturers and Traders Trust Company, and Keybanc Capital Markets Inc. JPMorgan Chase Bank, N.A. is Administrative Agent, Manufacturers and Traders Trust Company is Syndication Agent, and Keybank National Association is Documentation Agent. The other participants in the facility include BMO Harris Bank, N.A., Capital One, National Association, Regions Bank, and SunTrust Bank.

“We are excited to announce the expansion of our Revolver, which enhances our liquidity position and provides us with the financial flexibility to fund property acquisitions in real time,” said Ryan M. Albano, EVP & Chief Financial Officer. “We sincerely appreciate the strong support of our bank lending partners, and view this transaction as a testament to the ongoing growth and positive momentum of Broadtree. The Revolver will provide us with the funds necessary to continue to increase the size of our real estate portfolio, which is fundamental to our goal of providing current yield to our shareholders in the form of quarterly distribution payments.”

About Broadtree Residential:

Broadtree is a REIT designed to provide shareholders with predictable, tax-sheltered cash flow, and to generate attractive total returns via investment in a diversified portfolio of multifamily apartment communities.

Broadtree seeks residential property acquisitions via outright cash purchases 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 $200,000, or $100,000 via financial advisors. 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/JP2

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Broadtree Residential, Inc. Acquires $137.5 Million Multifamily Portfolio via UPREIT Transaction https://broadtreeresidential.com/broadtree-residential-inc-acquires-137-5-million-multifamily-portfolio-via-upreit-transaction/ https://broadtreeresidential.com/broadtree-residential-inc-acquires-137-5-million-multifamily-portfolio-via-upreit-transaction/#respond Mon, 30 Jul 2018 14:17:32 +0000 http://www.broadstone.com/?p=6233 Private REIT Adds Three-Property, 633-Unit Portfolio, Seeks Additional Multifamily Acquisitions ROCHESTER, N.Y. – Broadtree Residential, Inc. (“Broadtree”, “BTR”, or the “REIT”), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the $137.5 million acquisition of three Class A multifamily apartment communities from affiliates of Chesapeake Realty Partners (CRP) […]

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Private REIT Adds Three-Property, 633-Unit Portfolio, Seeks Additional Multifamily Acquisitions

ROCHESTER, N.Y. – Broadtree Residential, Inc. (“Broadtree”, “BTR”, or the “REIT”), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the $137.5 million acquisition of three Class A multifamily apartment communities from affiliates of Chesapeake Realty Partners (CRP) in Broadtree’s inaugural UPREIT transaction. Two of the assets (1901 S. Charles and 2 East Wells) are located in Baltimore, Maryland, and the third (The Overlook) is located in greater Harrisburg, Pennsylvania. In aggregate, the properties are comprised of 633 total residential and two commercial units. All three communities are managed by WPM Real Estate Management, a Baltimore-based third-party property manager.

In an UPREIT transaction with Broadtree, property owners contribute real estate to the fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of Operating Partnership Units (OP Units). As a result of this transaction, the sellers contributed more than $25 million of equity into the operating partnership of BTR, and now have interest in a diversified multifamily portfolio offering. Post-closing, Broadtree has an asset base of nearly $350 million, comprised of eight multifamily communities and 2,181 total units.

“This transformational transaction is the first of what we hope will be many UPREIT deals for Broadtree,” said Chris Czarnecki, Broadtree’s CEO. “Broadtree operates in a competitive multifamily marketplace, and one of the ways to create shareholder value is via the sourcing and execution of complex UPREIT transactions. This portfolio acquisition also provides BTR shareholders important geographic diversification, and enhances our portfolio with additional stabilized assets that we plan to hold for the long-term. We look forward to announcing additional exciting acquisitions throughout the rest of 2018 and beyond.”

1901 South Charles is a Class A mid-rise multifamily community developed in 2012 by CRP, featuring a wrapped parking deck. The property consists of 193 units, with an average unit size of 842 square feet. The unit mix includes 25 studio apartments, 96 one bedroom/one bath units, and 72 two bedroom/two bath units. The community features units with traditional layouts and nine-foot ceilings. 1901 South Charles is the first wood-frame residential building in Baltimore to receive LEED Gold certification. All units are equipped with balconies, gourmet kitchens with granite countertops and stainless appliances, and vinyl plank flooring throughout the living areas. Community amenities include controlled access, a courtyard, fitness center with yoga studio, and a resident’s club.

Built in 2015, 2 East Wells is a Class A mid-rise multifamily community featuring a wrapped parking deck. The property consists of one five-story building with 152 units with an average unit size of 843 square feet. The unit mix consists of 87 studio apartments, 24 one bedroom/one bath units, 10 one bedroom/two bath units, and 31 two bedroom/two bath layouts. Two ground floor retail spaces exist at the site as well, currently tenanted by the Baltimore Soup Company and Minnow, a high-end seafood restaurant. 2 East Wells is a green community built to LEED Gold standards, and features an industrial-chic style. Units are laid out in a modern, contemporary loft-style concept with nine-foot ceilings and granite countertops throughout, including moveable kitchen islands, allowing for flexible resident workspaces. All units are equipped with a balcony or patio, chrome finishes, oversized soaking tubs, and modern stainless appliances. Additional community amenities include climate controlled storage, a garden courtyard with gourmet grill and hammocks, rooftop decks and fitness center, and a resident’s club.

The Overlook is a Class A mid-rise multifamily community built in 2014, located in Camp Hill, Pennsylvania (greater Harrisburg) featuring 288 units within six residential buildings and an average unit size of 926 square feet. The unit mix consists of 78 one bedroom/1.5 bath layouts, and 210 two bedroom/two bath units. The community was built to LEED Silver standards. The first through third floor units feature eight-foot ceilings, while units on the fourth floor feature either 10 or 12-foot ceilings. Unit amenities include balconies on floors two through four, oversized kitchens with upgraded fixtures, stainless appliances and granite countertops, large closets, and upscale flooring. Community amenities include a 5,000-square foot clubhouse with fire pit and business center, a resort-style salt water swimming pool, and fitness center with yoga studio.

About Broadtree Residential:

Broadtree Residential, Inc. (Broadtree) is a private real estate investment trust (REIT) designed to provide shareholders with predictable, tax-sheltered cash flow, and generate attractive total returns via investment in a diversified portfolio of multifamily apartment communities.

Broadtree seeks residential property acquisitions via outright cash purchases 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 $200,000. 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/CRP1

About Chesapeake Realty Partners:

Headquartered in Owings Mills, Maryland, Chesapeake Realty Partners builds on more than 70-years of success in the Mid-Atlantic real estate market.  CRP is actively engaged in all aspects of real estate development – land acquisition; land planning and land development; residential lot sales; construction and operation of residential rental communities; and construction and operation of commercial properties.  Recent award-winning apartment communities include Winthrop (295 units; Towson, MD); Paragon (320 units; Columbia, MD); Fair Lakes (150 units; Fair Lakes, VA); and Belvoir Square (283 units; Fort Belvoir, VA).  For additional information about CRP and its projects, go to www.ChesapeakeRealtyPartners.com.

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Broadtree Residential, Inc. Secures $100 Million Revolving Line of Credit with JPMorgan Chase https://broadtreeresidential.com/broadtree-residential-inc-secures-100-million-revolving-line-of-credit-with-jpmorgan-chase/ https://broadtreeresidential.com/broadtree-residential-inc-secures-100-million-revolving-line-of-credit-with-jpmorgan-chase/#respond Tue, 27 Mar 2018 15:45:10 +0000 http://www.broadstone.com/?p=6030 ROCHESTER, N.Y. – Broadtree Residential, Inc. (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), together with Broadtree Residential, LLC (the Operating Company) as borrower, announced it has obtained a $100 million senior secured revolving line of credit (the “Revolver”) with JPMorgan Chase. The Revolver contains an accordion feature […]

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ROCHESTER, N.Y. – Broadtree Residential, Inc. (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), together with Broadtree Residential, LLC (the Operating Company) as borrower, announced it has obtained a $100 million senior secured revolving line of credit (the “Revolver”) with JPMorgan Chase. The Revolver contains an accordion feature that allows for the facility to be expanded up to $250 million of total borrowing capacity. The facility carries a two-year initial term, plus a one-year extension option, which is subject to certain conditions.

“This new credit facility serves as the first step in building a more flexible balance sheet for Broadtree Residential,” said Ryan Albano, Broadtree’s Chief Financial Officer. “Broadtree has enhanced its status as a well capitalized and competitive buyer in the multifamily marketplace, and does not depend on financing contingencies in order to close new acquisitions. We look forward to utilizing the accordion feature of this facility to support the REIT’s growth in 2018 and beyond.”

The Revolver will be used to fund new acquisitions of multifamily apartment communities, refinance existing debt, make capital improvements, and serve general working capital needs.

About Broadtree Residential:

Broadtree Residential, Inc. (Broadtree) is a private real estate investment trust (REIT) designed to provide shareholders with predictable, tax-sheltered cash flow, and generate attractive total returns via investment in a diversified portfolio of multifamily apartment communities.

Broadtree seeks residential property acquisitions via outright cash purchases 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 $200,000, or $100,000 via financial advisors. 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/JP1

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Broadtree Residential, Inc. Acquires 370-Unit Apartment Community in Norcross, GA https://broadtreeresidential.com/broadtree-residential-inc-acquires-370-unit-apartment-community-in-norcross-ga/ https://broadtreeresidential.com/broadtree-residential-inc-acquires-370-unit-apartment-community-in-norcross-ga/#respond Fri, 12 Jan 2018 20:27:22 +0000 http://www.broadstone.com/?p=5680 Private REIT Adds ‘The Reserve at Gwinnett’ to Portfolio, Seeks Additional Multifamily Acquisitions ROCHESTER, N.Y. – Broadtree Residential, Inc. (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the acquisition of The Reserve at Gwinnett, a 370-unit multifamily apartment community in Norcross, Georgia for a purchase price […]

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Private REIT Adds ‘The Reserve at Gwinnett’ to Portfolio, Seeks Additional Multifamily Acquisitions

ROCHESTER, N.Y. – Broadtree Residential, Inc. (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the acquisition of The Reserve at Gwinnett, a 370-unit multifamily apartment community in Norcross, Georgia for a purchase price of $51.0 million.

Built in 1999, The Reserve at Gwinnett is composed of 14 residential buildings totaling nearly 430,000 rentable square feet. In aggregate, the buildings contain 112 one-bedroom units, 194 two-bedroom units, and 64 three-bedroom units, with an average size of approximately 1,160 square feet per unit. All units feature open floorplans with 8 ft. ceilings, walk-in closets, and a patio or balcony. The property also includes 12 attached and 18 detached garages, along with ample surface parking for residents. The community offers numerous attractive amenities, including a new fitness center, modern clubhouse and business center, resort-style swimming pool, grilling area, dog park, and lighted tennis courts.

“We are excited to announce Broadtree’s acquisition of The Reserve at Gwinnett, and feel confident that it will serve as an excellent ‘cornerstone’ investment as we continue to grow the Broadtree portfolio,” said Chris Czarnecki, Broadtree’s CEO. “We are proud to have achieved this result for our shareholders, and look forward to announcing more exciting news throughout the rest of 2018 and beyond.”

Cushman & Wakefield represented the seller in this transaction, and Vaisey Nicholson & Nearpass PLLC represented Broadtree.

About Broadtree Residential:

Broadtree Residential, Inc. (Broadtree) is a private real estate investment trust (REIT) designed to provide shareholders with predictable, tax-sheltered cash flow, and generate attractive total returns via investment in a diversified portfolio of multifamily apartment communities.

Broadtree seeks residential property acquisitions via outright cash purchases 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 $200,000. 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/RG

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Broadtree Residential, Inc. Completes Sale of Single Family Rental Home Portfolio https://broadtreeresidential.com/broadtree-residential-inc-completes-sale-of-single-family-rental-home-portfolio/ https://broadtreeresidential.com/broadtree-residential-inc-completes-sale-of-single-family-rental-home-portfolio/#respond Fri, 22 Dec 2017 21:53:35 +0000 http://www.broadstone.com/?p=5661 Private REIT Opens to Outside Investment, Seeks Multifamily Acquisitions ROCHESTER, N.Y. – Broadtree Residential, Inc. (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the sale of the majority of the REIT’s single family rental (SFR) home portfolio.  The 671-unit SFR portfolio, which includes assets in the […]

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Private REIT Opens to Outside Investment, Seeks Multifamily Acquisitions

ROCHESTER, N.Y. – Broadtree Residential, Inc. (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the sale of the majority of the REIT’s single family rental (SFR) home portfolio.  The 671-unit SFR portfolio, which includes assets in the suburban markets of Georgia, Florida, New York, and Minnesota, was acquired by Amherst Holdings’ Single Family Residential Platform, for a total purchase price of $78.3 million.  Broadtree’s six remaining SFR homes will be sold in 2018.

The transaction substantially completes the REIT’s strategic shift, as it will now focus on acquiring Class B multifamily apartment assets, primarily in the southeast United States. Broadtree did not utilize third-party brokers or bankers in selling the portfolio.

“The successful sale of the SFR portfolio signifies the start of an exciting new era for Broadtree,” said Chris Czarnecki, Broadtree’s CEO. “Broadtree intends to re-invest the proceeds from this divestiture in the acquisition of multifamily assets within the coming months.  We are excited to have achieved this result for our investors, and look forward to welcoming new Shareholders as Broadtree has recently re-opened for investment.”

About Broadtree Residential:

Broadtree Residential, Inc. (Broadtree) is a private real estate investment trust (REIT) designed to provide Shareholders with predictable, tax-sheltered cash flow, and generate attractive total returns via investment in a diversified portfolio of multifamily apartment communities.

Broadtree seeks residential property acquisitions via outright cash purchases 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 $200,000. 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/SF12

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