NewStar Exchange announced the acquisition of Tranquil Gardens, a single-family rental subdivision located in the Woodstock suburb of Atlanta, Ga.
The property is 95 percent leased and features 73 newly constructed three- and four-bedroom detached and townhome plans with two-car garages, luxury vinyl tile floors, granite countertops, stainless-steel appliances and fenced-in backyards. NewStar Exchange acquired the property on behalf of NewStar 6 Tranquil Gardens BTR, DST.
“Tranquil Gardens is a class-A, build-to-rent [BTR] community squarely aligned with NewStar’s investment thesis for providing attainable, high-quality housing to serve the growing Millennial family formation and Baby Boomer retirement demographic categories,” said Boone DuPree, chief executive officer at NewStar. “The homes at Tranquil Gardens are nearly 100 percent larger than traditional apartments.”
NewStar 6 Tranquil Gardens BTR, DST is financed with a first mortgage through Fredd
