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.
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.