Broadtree Residential, a private REIT managed by Broadstone Real Estate, LLC, continues to grow its diversified residential income REIT. 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.