Broadtree Residential Pays $69M for Atlanta-Area Asset
- Sep 30, 2019
Broadtree Residential Inc. has acquired Aspire Perimeter, a 296-unit apartment community in the Atlanta-area city of Sandy Springs, Ga. Lincoln Property Co. sold the asset at 5385 Peachtree Dunwoody Road in an off-market deal. The property sold for $69.3 million, according to Fulton County records.
AIG Asset Management represented the seller, while Vaisey Nicholson & Nearpass PLLC represented Broadtree. Built in 1996, the property was fully renovated from 2016 through 2018. The 11-building community provides 160 one-bedroom units, 106 two-bedroom units, 26 three-bedroom units and four three-bedroom townhomes, averaging 1,146 square feet. All units have open floorplans with 9-foot ceilings, open kitchens and a private patio or balcony.
Common amenities include a new fitness center, clubhouse and business center, swimming pool, and electric car charging stations. The property is located near Interstate 285 and State Route 400 in a city of more than 100,000 people north of Atlanta. Lincoln Property Co. had purchased the asset from Nuveen Real Estate for $50 million in 2014, according to Yardi Matrix data. Nuveen had picked it up from GID in 2005.
Broadtree CEO Chris Czarnecki described the latest deal for the stabilized asset as an accretive addition to the firm’s growing multifamily portfolio. The REIT managed by Broadstone Real Estate recently made its first foray into Florida by acquiring West Woods Haven, a Class A, 268-unit apartment community in Pensacola. The sale was carried out through an UPREIT (Umbrella Partnership REIT) deal.