Steadfast Closes on Cobb County Suburban Community
Steadfast Apartment REIT purchased Park Valley Apartments, a 496-unit, Class B apartment community in Smyrna, Ga., for $51.4 million, with plans for upgrades.
By Balazs Szekely, Associate Editor
Atlanta—Park Valley Apartments, a 496-unit, Class B suburban apartment community in Cobb County, traded hands recently in a transaction mediated by CBRE’s Capital Markets team. Valley-Summit LLC sold the property to Steadfast Apartment REIT, a California-based public, non-traded REIT for $51.4 million. Steadfast plans to upgrade all unit interiors and enhance amenities and common areas.
Located at 4570 South Cobb Drive in Smyrna, with easy access to Interstate 285, Park Valley features eight floor plans, ranging from the 465-square-foot studio units to the 1207-square-foot two-bedroom, two-bathroom Lenox layout. The property is currently 95 percent occupied and rents average $871 monthly. The kitchens are newly renovated, with amenities like stainless steel appliances, as well as granite-inspired countertops and brushed nickel hardware. Select units include garden rooms, screened porches and walk-in closets. All apartments are cable-ready and pre-wired for high-speed Internet.
Community amenities include a swimming pool, cyber café, fitness center, weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. On the exterior, residents can enjoy the Silver Comet Trail, a paved walking, bicycling and jogging trail stretching more than 61 miles. Chattahoochee Trail Park and the Heritage Park Trail are also nearby.
Vice Chairman Kevin Geiger, Vice President Shea Campbell and Director Keith Geiger of CBRE’s Southeast Multifamily Group exclusively represented the seller in the transaction. Financial terms of the deal were not disclosed. The buyer, Steadfast Apartment REIT, owns and operates a diverse $1.1 billion portfolio of apartment communities across the country.
Photo credit: Park Valley at Vinings