Broadtree Acquires GA Community for $51M
- Jan 17, 2018
Broadtree Residential, a REIT managed by Broadstone Real Estate, has acquired a 370-unit apartment community in Norcross, Ga. The Reserve at Gwinnett traded for $51 million, with Cushman & Wakefield represented the seller, and Vaisey Nicholson & Nearpass represented Broadtree.
The apartment community is situated at 1780 Graves Road. The 14-building community comprises 112 one-bedroom, 194 two-bedroom and 64 three-bedroom units. Floor plans feature eight-foot ceilings, walk-in closets and a patio or balcony. Unit sizes range from 960 to 1,555 square feet. Common amenities include a fitness center, tennis court, playground, swimming pool, clubhouse, outdoor grill area, a dog park and 500 parking spaces.
The residential neighborhood where Reserve at Gwinnett is located features a large park, several schools and a golf course within three miles of the property. Residents can access shopping and dining destinations near Jimmy Carter and Dawson boulevards, just over a mile away. Interstate 85 is nearby, allowing for transportation throughout the Atlanta metro, with downtown reachable in a 20-minute drive.
Broadtree Residential REIT stated that it seeks to grow its portfolio with acquisitions designed to provide predictable and tax-sheltered cash flows to shareholders. Last year, Broadstone’s residential investment arm acquired another Georgia apartment community of 264-units, in Tucker. Broadstone invests in a diverse range of properties, including health care facilities, retail and industrial assets, of which it owns 17 in the state of Georgia.
“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. We are proud to have achieved this result for our shareholders, and look forward to announcing more exciting news throughout the rest of 2018 and beyond,” said Chris Czarnecki, CEO of Broadtree, in a prepared statement.
Image courtesy of Yardi Matrix