ROCHESTER, N.Y., Mar 09, 2018 (GLOBE NEWSWIRE via COMTEX) —
Broadtree Residential, Inc. (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the acquisition of Stone Ridge at Vinings, a 440-unit multifamily apartment community in Vinings, Georgia for a purchase price of $58.3 million.
Built in 1970 and partially renovated in 2011, Stone Ridge at Vinings is comprised of 49 residential buildings totaling 452,300 rentable square feet. In aggregate, the buildings contain 44 studio units, 112 one-bedroom apartments, 130 two-bedroom apartments, 38 three-bedroom apartments, 90 two-bedroom townhomes, and 26 three-bedroom townhomes with an average size of approximately 1,028 square feet per unit. All units feature a patio, balcony, or sunroom. Select units feature walk-in closets, fireplaces, and washer/dryer connections. The community offers numerous attractive amenities, including a fitness center, clubhouse and business center, saltwater swimming pool, dog park, tennis courts, and excellent proximity to major employers in the immediate area. The gated community is located in a premier, A+ location in one of Atlanta’s most desirable submarkets of Cobb County.
“We are excited to add the Stone Ridge at Vinings apartment community to the Broadtree portfolio, and plan to work closely with BH Management to unlock additional value through property and unit-level improvements, enhanced operations and best-in-class management,” said Chris Czarnecki, Broadtree’s CEO. “We look forward to announcing additional acquisitions over the course of the coming year, as we expand our portfolio footprint to new southeastern U.S. markets.”
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.
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