Broadtree Residential, Inc. Acquires $137.5 Million Multifamily Portfolio via UPREIT Transaction
Private REIT Adds Three-Property, 633-Unit Portfolio, Seeks Additional Multifamily Acquisitions
All Three Communities Managed by WPM Real Estate Management
ROCHESTER, N.Y., July 30, 2018 (GLOBE NEWSWIRE) — Broadtree Residential, Inc. (“Broadtree”, “BTR”, or the “REIT”), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the $137.5 million acquisition of three Class A multifamily apartment communities from affiliates of Chesapeake Realty Partners (CRP) in Broadtree’s inaugural UPREIT transaction. Two of the assets (1901 S. Charles and 2 East Wells) are located in Baltimore, Maryland, and the third (The Overlook) is located in greater Harrisburg, Pennsylvania. In aggregate, the properties are comprised of 633 total residential and two commercial units. All three communities are managed by WPM Real Estate Management, a Baltimore-based third-party property manager.
To access the full release, click HERE.