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ROCHESTER, N.Y., Sept. 27, 2019 (GLOBE NEWSWIRE) -- 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 a 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.
Accredited investors are invited to download an investor kit: www.broadstone.com/Aspire
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.