ROCHESTER, N.Y., Dec. 22, 2015 (GLOBE NEWSWIRE) -- Broadtree Homes (BTH) a private real estate investment offering managed by Broadstone Real Estate, LLC (BRE), has acquired 149 residential rental properties from reBOUND Residential, LLC for a total purchase price of $17.1 million. The transaction, which closed today, brings BTH’s Florida-area residential real estate holdings to 183 properties, and the portfolio total to 470 residential properties in four key U.S. markets. BTH’s acquisitions team seeks to acquire additional stabilized property portfolios, including single family homes, multifamily apartments, age restricted housing, and other types of residential real estate.
The portfolio of fully-renovated properties, which were hand-picked by reBOUND, are located in Broward and Palm Beach Counties. The newly acquired properties have average square footage of 1,180 square feet per unit, and are currently over 96% occupied.
The transaction was funded by investments of equity capital from BRE and other accredited individuals, as well as the proceeds from a $12 million mortgage financing, which BTH closed with M&T Bank on December 11th. The 5-year mortgage is secured by 203 of BTH’s Atlanta-area single family rental homes. After the execution of an interest rate swap, the facility’s fixed interest cost is 4.23%.
“Broadtree Homes is committed to offering investors a scalable, diversified, risk-adjusted investment opportunity in the residential rental space” said Amy Tait, Chairman and CEO of BRE. “With remaining availability on our unsecured credit facility plus additional equity infusions on the horizon, we have additional dry powder to deploy as we build our team and prepare to scale our residential operations.”
About Broadtree Homes
Broadtree Homes (BTH) is a private residential income offering that currently holds a diversified, geographically dispersed portfolio of 470 residential rental properties in Western New York; Palm Beach County, Florida; the Atlanta, Georgia area; and the Greater Minneapolis, Minnesota area. BTH intends to register as a REIT for the 2015 tax year.
BTH remains open for investment by accredited investors worldwide, with a minimum initial investment of $100,000. Shares are offered via private placement, and investor kits are available for download from the company’s website, Broadstone.com.
Media Contact: Emma Bliss Marketing Coordinator Emma.Bliss@Broadstone.com 585.287.6479
Source:Broadstone Real Estate