Broadtree Homes Acquires 264-Unit Multifamily Apartment Community in Atlanta Areacldde
ROCHESTER, N.Y. , July 21, 2016 (GLOBE NEWSWIRE) — Broadtree Homes, Inc. (Broadtree), a private Real Estate Investment Trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the acquisition of Glenwood Vista Apartment Homes (Glenwood Vista), a 264-unit, gated multifamily community located in Stockbridge, Georgia, for a purchase price of $23.5 million. This is the first multifamily acquisition by Broadtree, a diversified residential income REIT that invests in a continuum of residential rental housing, including single family homes and multifamily apartments.
Built in 2003, the Glenwood Vista community is composed of 11 three-story residential buildings. In aggregate, the buildings contain 72 one-bedroom units, 132 two-bedroom units, and 60 three-bedroom units, with an average size of approximately 1,000 square feet per unit. The pet-friendly community sits on 26 acres and boasts numerous attractive amenities, including controlled access gates, a clubhouse with shared multi-use space, laundry facilities, fitness center, plentiful parking and a resort-style in-ground pool. As of closing, the community is 96% occupied.
Broadtree’s founders, the Leenhouts and Tait families, had previously launched Home Properties, a multifamily apartment REIT that was taken public in 1994. Home Properties operated as such until October 2015 when it was acquired in a take-private transaction by an affiliate of Lone Star Funds, a global private equity firm, for $7.6 billion.
“We are thrilled to announce Broadtree’s purchase of Glenwood Vista, which marks our re-entry into the multifamily residential sector,” said Amy Tait, Broadstone’s Chairman and CEO. “This acquisition plays on our decades of heritage in the multifamily space, and provides our REIT’s Shareholders with an enhanced diversification profile. Broadtree now has a robust acquisition pipeline of multifamily apartments, single family rental homes, and other residential property types, and we look forward to announcing these additional acquisitions throughout the second half of 2016.”
About Broadtree Homes
Broadtree Homes (Broadtree) is a private residential income REIT that holds a diversified, geographically dispersed portfolio of 770 residential rental units in Western New York; Palm Beach County, Florida; the Atlanta, Georgia area; and the Greater Minneapolis, Minnesota area.
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 remains open for investment by accredited investors only, with a minimum initial investment of $100,000. Shares are offered via private placement. To download an investor kit, visit Broadstone.com/GVA.
Please see certain important disclosures regarding Broadtree at Broadstone.com/disclosures.