Broadtree Acquires $138M MF Portfolio via UPREIT Transaction
Rochester, NY-based Broadtree Residential, Inc. acquired three Class A multifamily apartment communities from affiliates of Owings Mills, MD-based Chesapeake Realty Partners for $137.5 million, in what is Broadtree’s inaugural UPREIT transaction.
Two of the assets, 1901 S. Charles (pictured) and 2 East Wells, are located in Baltimore, MD, and the third, The Overlook, is located in greater Harrisburg, PA. In aggregate, the properties are comprised of 633 total residential and two commercial units.
Broadtree’s Chris Czarnecki says “This transformational transaction is the first of what we hope will be many UPREIT deals for Broadtree.”
The REIT is managed by Broadstone Real Estate, LLC.
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