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Broadtree Residential Inc., an open-ended, continuously offered, multifamily fund managed by Broadstone Real Estate LLC recently revealed the acquisition of West Woods Haven, a Class A, 268-unit multifamily apartment community in Pensacola, FL.
West Woods Haven represents the Fund’s second UPREIT transaction. In an UPREIT transaction with Broadtree, property owners contribute real estate to the Fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of Operating Partnership Units. As a result of this transaction, the sellers contributed an undisclosed amount of equity into the operating partnership of BTR, and now have an interest in a diversified multifamily fund.
Constructed in two phases between 2016 and 2017, West Woods Haven is composed of 12 residential buildings. In aggregate, the buildings contain 96 one-bedroom units, 152 two-bedroom units, and 20 three-bedroom units, with an average size of approximately 1,082 square feet per unit. All units feature open floorplans with nine-foot ceilings, gourmet kitchens with granite countertops, and in-unit laundry. The property also includes detached garage rentals, along with ample surface parking for residents. Numerous attractive amenities are available for residents, including gated access, two 24-hour fitness centers, a modern clubhouse and business center, two resort-style swimming pools, grilling area, two dog parks, and a car care center.
“We are excited to add West Woods Haven to the Broadtree portfolio and expand the Fund’s geographic footprint into Florida. This acquisition is a manifestation of our strategy to acquire stabilized, core assets located in secondary markets,” said Chris Czarnecki, Broadtree’s CEO. “We look forward to announcing additional multifamily acquisitions throughout the balance of 2019 and beyond as we continue to grow Broadtree on behalf of our shareholders.”
Cushman & Wakefield represented the seller in this transaction, and Vaisey Nicholson & Nearpass PLLC represented Broadtree.