Steadfast Apartment REIT Acquires 696-Unit Portfolio
- Oct 24, 2014
Steadfast Apartment REIT has recently picked up 696 apartment homes in North Gwinnett, Georgia. The investment trust paid $98.5 million for the portfolio that is comprised of two adjacent communities originally constructed as stand-alone properties with 354, respectively 342 apartments.
Steadfast Apartment REIT is a Steadfast Companies investment trust based in Orange County, California. The group involves real estate investment and operating companies that acquire, develop and manage a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the U.S. that have demonstrated high occupancy and income levels across market cycles. The REIT currently owns 1,743 units in four states.
The new owner intends to jointly operate the two properties as The Residences on McGinnis Ferry and make strategic, value-add interior improvements at both properties. The upgrades will include black appliances, 2” faux wood blinds, vinyl plank flooring, and upgraded countertops, cabinets, hardware and fixtures in the kitchen and bathrooms.
Located 30 miles northeast of downtown Atlanta, the 40 garden-style residential buildings at the Residences on McGinnis Ferry are currently 97 percent occupied and have average in-place rents of $1,068, offering oversized one-, two- and three-bedroom floor plans averaging 1,217 square feet.
The units include designer kitchens and baths, nine-foot ceilings, walk-in closets and double crown molding. Additional luxury finishes, including fireplaces, built-in wine racks, oversized garden tubs, guest powder rooms and computer rooms/offices are also available in some of the apartments. Two resort-style swimming pools and three lighted tennis courts are also included along with playgrounds, a kids’ activity room, resident activity center with gourmet kitchen, walking and bicycle trails and a dog park.
Photo credits: Steadfast Companies