Home / Industry / Construction / Broadtree Residential acquires Atlanta area portfolio for $8.5M

Broadtree Residential acquires Atlanta area portfolio for $8.5M

Broadtree Residential, a private real estate investment trust managed by Broadstone Real Estate LLC, has acquired a portfolio of 120 single-family residential homes in suburban Atlanta for roughly $8.5 million.

Broadtree focuses on acquiring portfolios of single-family homes, multifamily apartment communities and other types of residential rental property.

The Rochester business purchased the 120-unit portfolio from an undisclosed large institutional single-family rental owner-operator. Tones Vaisey PLLC represented Broadtree on the transaction.

The homes average 1,405 square feet, and were acquired for an average purchase price of roughly $71,000, or $51 a square foot. As of closing, the portfolio was over 90 percent occupied, the company reported.

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,” said Amy Tait, Broadstone chairman and CEO.

Broadtree plans to announce additional multifamily and single family rental home portfolio acquisitions through the balance of the year, she added.

 (c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

 

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