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1901 S. Charles

BALTIMORE–Rochester, NY-based Broadtree Residential has acquired a three-asset multifamily portfolio for $137.5 million from affiliates of Chesapeake Realty Partners. Two of the properties — 1901 S. Charles and 2 East Well — are local and the third is located in the Harrisburg, PA, area. The total size of the portfolio is 633 residential units and two commercial units. All three communities are managed by WPM Real Estate Management, a Baltimore-based third-party property manager.

Broadtree Residential, a private REIT, acquired the portfolio via its first UPREIT transaction. (An UPREIT, or “umbrella partnership real estate investment trust,” is a structure that allows a REIT to defer or avoid capital gains tax when selling appreciated real estate. Essentially, property owners contribute real estate to the fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of Operating Partnership Units.)

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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