Broadstone REIT Buys Multifamily Property Near Atlanta
Broadtree Residential Inc. has purchased The Reserve at Gwinnett, a 370-unit multifamily apartment community in Atlanta suburb, for $51 million.
Broadtree Residential Inc., a private real estate investment trust managed by Broadstone Real Estate, has purchased The Reserve at Gwinnett, a 370-unit multifamily apartment community in the Atlanta suburb of Norcross, Georgia, for $51 million.
Built in 1999, The Reserve at Gwinnett is composed of 14 residential buildings totaling nearly 430,000 rentable square feet.
The one-, two-, and three-bedroom units average approximately 1,160 square feet each and include walk-in closets, and a patio or balcony. The community amenities include a new fitness center, clubhouse and business center, swimming pool, grilling area, dog park, and lighted tennis courts.
“We are excited to announce Broadtree’s acquisition of The Reserve at Gwinnett, and feel confident that it will serve as an excellent ‘cornerstone’ investment as we continue to grow the Broadtree portfolio,” said Chris Czarnecki, Broadtree’s CEO.
Broadtree Residential invests in multifamily properties via outright cash purchases and/or through Umbrella Partnership REIT transactions. UPREIT transactions 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. The REIT is open for investment by accredited investors, with a minimum initial investment of $200,000.
