Steadfast REIT Invests $35M in Atlanta Community
- Dec 18, 2017
Steadfast Apartment REIT III has acquired Sugar Mill, a 244-unit apartment community in Atlanta’s Northeast suburb of Lawrenceville. Wilkinson Real Estate Advisors sold the property for $35.3 million.
The asset is located at 855 Walther Blvd. It comprises 47 one-bedroom, 180 two-bedroom and 17 three-bedroom units, ranging in size from 792 to 1,712 square feet. According to STAR III, monthly rent here averages $1,073, and occupancy is currently at 97.5 percent. Common amenities include a clubhouse, business center, fitness center, swimming pool with spa, gas barbecue stations, tennis courts, playground, car wash, dog park, as well as boat and RV storage.
Residents of Sugar Mill benefit from proximity to shopping, entertainment and dining venues such as the Lawrenceville Square Shopping Center. Gwinnett Medical Center is also located near the multifamily community, and downtown Lawrenceville is about five minutes away by car. Gwinnett Technical College and Phoenix High School are also nearby. Interstate 85 and Route 316 provide transit options around the Atlanta metropolitan area. The University of Georgia is about 45 minutes away, as is downtown Atlanta.
STAR III has included the apartment community in its Steadfast Value Enhancement Strategy program and will renovate all units. Interior and exterior makeovers are planned, such as a full replacement of cabinets, appliances, lighting fixtures, improvements to landscaping, signage, pool area and the other common amenities.
“The Sugar Mill acquisition adds another quality property to our portfolio from the Atlanta MSA, an area we believe is well-positioned for long-term success due to its strong fundamentals. Additionally, the community is located in a highly desirable county, which sits along several major highways and has experienced several large corporate relocations and expansions in recent years,” said Ella Neyland, president of STAR III, in a prepared statement.
The REIT invested approximately $320 million in eight multifamily assets across four U.S. states, including a recent acquisition in Denver, the 318-unit Belmar Villas, which is also slated for major renovations.
Image courtesy of Steadfast Apartment REIT III