Broadtree Residential Buys Florida Asset
- Sep 25, 2019
Broadtree Residential Inc., a REIT managed by Broadstone Real Estate, has acquired a Class A, 268-unit apartment community in Pensacola, Fla. The deal for West Woods Haven, a 12-building property at 3202 West Nine Mile Road, marks the REIT’s first foray into the Sunshine State.
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The transaction is also the fund’s second UPREIT (Umbrella Partnership REIT) deal, a unique REIT structure in which property owners exchange owned real estate for an interest in a professionally managed portfolio, providing a tax-deferred exit strategy. The sellers contributed an undisclosed amount of equity into Broadtree through the sale.
West Woods Haven was built in two phases between 2016 and 2017 and comprises 96 one-bedroom units, 152 two-bedroom units and 20 three-bedroom units, averaging about 1,082 square feet in size. All units feature open floorplans, 9-foot ceilings, granite countertops and in-unit laundry. The gated community provides detached garage rentals and surface parking for residents, along with two fitness centers, two swimming pools, and a clubhouse and business center.
The property is nearly 99 percent occupied, according to Yardi Matrix data. Cushman & Wakefield represented the seller in the deal, while Vaisey Nicholson & Nearpass PLLC represented Broadtree.