NewStar Asset Management acquired Tranquil Gardens, a new single-family build-to-rent subdivision in Woodstock.
The five-month-old community is 95% leased and comprises 73 three- and four-bedroom detached houses and townhomes with two-car garages, vinyl tile floors, granite countertops, stainless-steel appliances and fenced-in backyards.
NewStar is an Atlanta-based alternative investment firm. Tranquil Gardens is its sixth investment since it launched in 2021 and the third investment made by its subsidiary, NewStar Exchange, which purchased the property on behalf of its NewStar 6 Tranquil Gardens BTR DST (Delaware Statutory Trust) offering. The offering is financed with a first mortgage through Freddie Mac, providing 40% leverage to DST investors on a syndicated basis, and seeks to raise approximately $19 million in equity from accredited investors.
“Tranquil Gardens is a class-A build-to-rent community squarely aligned with NewStar’s investment thesis for providing attainable, high-quality housing to serve the growing millennial family-formation and Baby Boomer-retirement demographic categories,” NewStar CEO Boone DuPree said in a press release.