Steadfast REIT Grows in Peachtree State
- Aug 19, 2016
Atlanta—In a $55.8 million deal, Steadfast Apartment REIT Inc. has acquired 1250 West, a 468-unit garden-style community in Marietta, Ga.
In a statement, Ella Shaw Neyland, president of the non-traded REIT, described 1250 West as “a very well-maintained, recently modernized community that includes many amenities.” She cited “significant capital improvements” made by previous ownership that Steadfast Apartment REIT believes position 1250 West among the top local communities. An $8 million upgrade between 2013 and 2015 added new flooring, cabinets, appliances, countertops, fixtures and lighting in all units, plus a renovated clubhouse and pools.
Developed on 49 acres in two phases in 1987 and 1995, 1250 West features one-, two- and three-bedroom units with floor plans ranging in size from 736 to 1,200 square feet. The property is 95% occupied and in-place rents average $980.
The community offers a variety of resort-style amenities, including two swimming pools with sun decks, 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room.
Steadfast Apartment REIT has invested $322 million to buy six Metro Atlanta communities and owns more than 2,800 units statewide. Elsewhere in Marietta, the REIT owns the 180-unit Rosemont at East Cobb. The company believes multifamily fundamentals in Cobb County will continue to perform well, thanks to high barriers to entry, limited vacant land for multifamily development and diverse employment opportunities.
All told, Steadfast Apartment REIT now owns 33 properties in 11 states for an aggregate purchase price of $1.43 billion.