Steadfast Apartment REIT Acquires Two Multifamily Properties for Nearly $92 Million

Steadfast Apartment REIT, Inc., a publicly registered non-traded real estate investment trust, acquired two apartment communities in separate transactions. The first acquisition, Park Valley Apartments in the Atlanta suburb of Smyrna, Georgia, was purchased for $51.4 million. The second acquisition, PeakView at T-Bone Ranch is located in the Fort Collins suburb of Greeley, Colorado and was acquired for $40.3 million. The seller of each property was not disclosed.

“We are very pleased to expand our presence in Northern Colorado and the greater Atlanta area, two markets where we believe the outlook for apartments remains robust,” said Ella Shaw Neyland, president of Steadfast Apartment REIT.

Constructed in 1987, Park Valley Apartments is Steadfast Apartment REIT’s fifth Atlanta-area property. The 496-unit, Class-B multifamily property is comprised of 25 two- and three-story buildings on approximately 41 acres. The property includes studio, one- and two-bedroom apartment homes that range from 465 – 1,137 square feet with stainless steel appliances, walk-in closets and vaulted ceilings. Community amenities include a swimming pool, cyber café, fitness center, complimentary weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The Park Valley property is currently 95 percent occupied.

Steadfast Apartment REIT will implement a value enhancement program at Park Valley Apartments. All unit interiors will be upgraded and select enhancements will be made to amenities and common areas.

The City of Smyrna is located one mile off Interstate 285, and is less than 20 minutes to Downtown, Midtown, Central Perimeter and Galleria office markets in Atlanta. The surrounding Cobb submarket is in a state of dramatic growth, and in 2017, it will become the official home of the Atlanta Braves. In addition, a $400 million entertainment district will be completed that same year, which is expected to support approximately 5,200 jobs in the surrounding Cobb submarket.

“The local area is experiencing significant expansion with the addition of health centers, retail stores and entertainment destinations, which should support long-term rental growth at Park Valley Apartments. In fact, Axiometrics is projecting an 18.4 percent rental increase for the greater Atlanta MSA over the next five years,” said Neyland.

Constructed in 2002, PeakView at T-Bone Ranch is located 30 miles outside of the Fort Collins central business district. The 224 apartment home community is currently 93 percent occupied

PeakView at T-Bone Ranch is comprised of a mix of one-, two- and three-bedroom apartment homes that range from 742 – 1,217 square feet. The apartment homes are equipped with walk-in closets, washer and dryers, fireplaces, computer nooks, and select apartment homes have patios and balconies. In addition, the apartment homes contain oversized double pane windows, track lighting and tiled entries. The approximately 16-acre community includes a heated pool, hot tub, fitness center, sand volleyball court, business and conference center, children’s play lots, dog park and a clubhouse with a lounge. PeakView at T-Bone Ranch is Steadfast Apartment REIT’s fourth Colorado acquisition. With these four acquisitions, the total purchase price of Steadfast Apartment REIT’s Colorado portfolio is currently $171 million.

Steadfast Apartment REIT currently owns 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion. The REIT intends to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, California-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.

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