Steadfast Apartment REIT Buys Atlanta Multifamily Community

Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, purchased 1250 West, a 468-unit apartment community in Marietta—just 20 miles outside of downtown Atlanta—for $55.8 million.

Originally constructed in two phases in 1987 and 1995 on 49 acres, 1250 West is a garden-style community featuring one-, two- and three-bedroom apartment homes that range from 736 – 1,200 square feet. Average in-place rents are $980. The property is currently 95 percent occupied. The community offers several resort-style amenities, including two swimming pools with sun decks, 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room.

“1250 West is a very well-maintained, recently modernized community that includes many amenities,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “In the last three years, significant capital improvements were made to apartment home interiors and common areas that we believe position 1250 West as one of the most desirable communities in the area.”

The previous owner of 1250 West initiated an $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the apartment homes, plus a renovated clubhouse and pools.

1250 West is within close proximity to major highways, shopping and Dobbins Air Reserve Base, which is utilized by the U.S. Air Force, U.S. Navy, and Georgia Air National Guard.

The company believes local multifamily fundamentals will continue to perform well thanks to Cobb County’s high barriers to entry, limited vacant land for multifamily development and diverse employment opportunities.

With 1250 West, Steadfast Apartment REIT has invested $322 million in six apartment communities in the Atlanta area.

Steadfast Apartment REIT invests in a portfolio of apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. The REIT owns 33 properties in 11 states for a total purchase price of $1.4 billion.

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