Steadfast REIT Grows in Peachtree State
The non-traded multifamily REIT sponsored by the private investment company paid about $56 million for a freshly renovated garden-style community in Marietta, Ga.
August 19, 2016 | Multi-Housing News
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.
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