Broadtree Residential, a private REIT managed by Broadstone Real Estate, announced the acquisition of the REIT’s third multifamily apartment community, and the re-launch of capital raising activities to fund the continued growth of the REIT.
Management, the board of directors, and other “insiders” have invested more than $49 million in Broadtree, which currently accounts for 50 percent-plus of the offering’s equity capitalization. Broadtree’s multifamily strategy is focused on class B, stabilized properties in the southeastern United States, while maintaining flexibility and opportunism for selective market entry.
Recently, Broadtree closed on the acquisition of Walden Ridge, a 210-unit multifamily community located in Kennesaw, Ga., for a purchase price of $36 million. Built in 2002, the Walden Ridge gated apartment community is composed of nine residential buildings totaling 231,200 rentable square feet. In aggregate, the buildings contain 78 one-bedroom units, 104 two-bedroom units, and 28 three-bedroom units, with an average size of approximately 1,100 square feet per unit. The community offers numerous attractive amenities, including units with nine-foot ceilings, walk-in closets, and garden tubs, and a resort-style swimming pool with sun deck, clubhouse, fitness center, tennis court, and dog park.