Broadtree Buys Metro Atlanta Apartments for $23M
As part of the deal, the company assumed a $17.1 million Freddie Mac mortgage, which matures in 2023.
Tucker, Ga.—Broadtree Residential, a private REIT managed by Broadstone Real Estate LLC, has acquired Somerset at the Crossings, a 264-unit multifamily community in Tucker, Ga. The company paid $23.5 million for the asset.
The seller was Atlanta-based multifamily operator Cortland Partners. As part of the deal, Broadtree assumed a $17.1 million Freddie Mac mortgage, which matures in 2023.
Built in 1987, the Somerset composed of 28 residential buildings. Altogether, the buildings include 50 one-bedroom units, 194 two-bedroom units, and 20 three-bedroom units, with an average size of about 1,114 square feet per unit. The community is pet friendly and offers a number of common amenities, such as a fitness center, dog park, playground, in-ground swimming pool and parking.
Tucker is in DeKalb County, and is part of metro Atlanta. The area has been growing rapidly in recent years, and only in 2015 was incorporated as a city.
As of closing, Somerset at the Crossings was 94.7 percent occupied. Tones Vaisey PLLC represented Broadtree in the transaction. The REIT that holds a dispersed portfolio of 662 single-family homes, 528 multifamily units, and four other residential properties nationwide.