Broadtree Residential, a private real estate investment trust managed by Broadstone Real Estate, LLC, announced the acquisition of “Somerset at the Crossings”, a 264-unit multifamily community located in Tucker, Georgia, for a purchase price of $23.5 million. Broadtree acquired the community from the Atlanta-based, multifamily operator Cortland Partners. As part of the transaction, Broadtree assumed a $17.1 million Freddie Mac mortgage, which matures in 2023.

Built in 1987, the Somerset community is composed of 28 residential buildings. In aggregate, the buildings contain 50 one-bedroom units, 194 two-bedroom units, and 20 three-bedroom units, with an average size of approximately 1,114 square feet per unit. The pet-friendly community offers numerous attractive amenities, including a fitness center, dog park, playground, in-ground swimming pool, and ample parking. As of closing, the community is 94.7% occupied.

“We are thrilled to announce Broadtree’s purchase of Somerset at the Crossings, our second multifamily acquisition in the Atlanta area,” said Amy Tait, Broadstone’s Chairman and CEO. “Excellent amenities, a strong operating history, and a great location make this community a very attractive addition to the Broadtree portfolio. We look forward to announcing additional acquisitions as we grow our diversified residential income REIT.”

Tones Vaisey PLLC represented Broadtree on this transaction.