Broadtree Homes Expands Atlanta-Area Portfolio with Acquisition from The Dominion Group
- Dec 30, 2014
Private real estate investment entity Broadtree Homes has added to its single family portfolio in Atlanta with the recent acquisition of a slew of homes in the market. The entity managed by Broadstone Real Estate LLC closed on the purchase of 24 single family rental homes from The Dominion Group, for a fee of about $2 million. The deal was completed on Dec. 22, making it one of the final moves for Q4 to be closed by the company, with a deal currently in the works for another home to be added before the end of 2014. According to the announcement, Broadtree is currently looking to further its investment portfolio in the Atlanta area, as well as the United States.
The 24 single family rental homes that the company has added to its portfolio bring Broadtree’s holdings in the Atlanta area to 202 units, with the overall portfolio now totaling 299 homes in four markets across the country. The newly-acquired homes have been fully renovated by Dominion and are less than 25 years old. The 24 homes had an occupancy rate of 96 percent at the time of the transaction. All of Broadtree’s Atlanta-area homes were acquired from Dominion, with the full-service, Baltimore-based real estate firm being responsible for hand-picking the traded assets.
According to the Executive Vice President and CFO of Broadstone, Chris Czarnecki, the company is now looking for capital which it aims to invest in more stabilized portfolios of single family homes. Czarnecki also noted that Broadtree Homes is “committed to offering investors a scalable, predictable, risk-adjusted investment opportunity in the single-family rental space.”