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Broadtree buys rental homes in Atlanta for $2.4M

Rochester Business Journal
July 25, 2014

Broadtree Homes, a real estate investment company managed by Rochester-based Broadstone Real Estate LLC, has acquired 28 single-family rental homes from the Dominion Group for roughly $2.4 million.

The transaction closed July 11, 17 days after Broadtree's acquisition of 127 Atlanta-area rental homes from Baltimore-based Dominion. The purchase will continue to strengthen Broadtree's presence in the Atlanta market, where it has now invested $12.4 million, company leaders said.

The Dominion Group initially acquired each of the homes individually, renovating and leasing them. Dominion will continue to partner with Broadtree Homes to manage the Atlanta portfolio and provide additional homes for possible future Broadtree acquisition, the firms reported.

"Broadtree holds a long-term view of the single-family rental marketplace, and these renovated, rented homes will serve as core holdings for us as we seek additional portfolios and increased levels of capital from accredited investors," said Broadstone Real Estate CEO Amy Tait, in a statement.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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