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Steadfast REIT Grows in Peachtree State

August 23, 2016

 

 


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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Gil Armour, CFP
February 3, 2016

I have been using Blue Vault Partners for the past five years.  I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs.  The reports help me analyze which sponsors are doing a responsible job of managing their offerings.  This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.