Broadtree Residential acquires 268-unit multifamily community

Broadtree Residential, an open-ended, continuously offered, multifamily fund managed by Broadstone Real Estate has acquired West Woods Haven, a class A, 268-unit multifamily apartment community in Pensacola, Fla.

West Woods Haven represents the fund’s second UPREIT transaction. In an UPREIT transaction with Broadtree, property owners contribute real estate to the fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of operating partnership units (OP units). As a result of this transaction, the sellers contributed an undisclosed amount of equity into the operating partnership of BTR, and now have an interest in a diversified multifamily fund.

Constructed in two phases between 2016 and 2017, West Woods Haven is composed of 12 residential buildings. In aggregate, the buildings contain 96 one-bedroom units, 152 two-bedroom units, and 20 three-bedroom units, with an average size of approximately 1,082 square feet per unit. All units f