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Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $51.4M

December 19, 2015

POSTED ON BY IN , ,  | ReBusiness Online

SMYRNA, GA. — Steadfast Apartment REIT has acquired Park Valley Apartments, a 496-unit, Class B multifamily community in the Atlanta suburb of Smyrna, for $51.4 million. Built in 1987, the apartment property features studio, one- and two-bedroom residences that range from 465 to 1,137 square feet. Unit interiors include stainless steel appliances, walk-in closets and vaulted ceilings. 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. The property is currently 95 percent occupied and rents average $871 monthly. The multifamily REIT plans to upgrade all unit interiors and enhance amenities and common areas. Steadfast Apartment REIT’s portfolio now comprises 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.

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Gordon Dunne
September 30, 2019

“Always, but especially in this day of lawsuits and ever increasing regulations, the responsibility for a financial advisor t do their own due diligence on products they sell falls squarely on themselves. No one is going to take greater interest in protecting their practice than they are. We use the Blue Vault Partners Nontraded REIT Review to keep us informed of the performance of every single nontraded REIT. Finally, complete transparency is available for advisors using nontraded REITs. Every advisor using REITs in their practice should make the small annual investment of subscribing to Blue Vault’s reporting services.”