Steadfast Apartment REIT III Buys Atlanta Multifamily Property for $43.5 Million
Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has purchased Ansley at Princeton Lakes, a 306-unit gated multifamily property in Atlanta, Georgia, for $43.5 million.
“We believe the Atlanta area is well-positioned for long-term success as it continues to benefit from having the tenth largest economy in the U.S. and a growing presence as a major distribution hub,” said Ella Neyland, president of Steadfast Apartment REIT III, Inc. “Additionally, Ansley at Princeton Lakes provides a convenient housing option for the 63,000 employees of the nation’s busiest airport.”
Completed in 2009, Ansley at Princeton Lakes includes 11 two-and three-story buildings with one-, two- and three-bedroom apartment homes that average 1,000 square feet. In-place rents average $1,254 per month, and the community currently is 96 percent occupied.
Property amenities include a saltwater pool, fitness center, pet play area, clubhouse and business center, theater with stadium seating, internet café, outdoor BBQ grills and a car care center. Unit amenities include a washer/dryer or full-size connections, walk-in closets, central air conditioning, ceiling fans and balconies or patios.
The property is located four miles from Hartsfield-Jackson Atlanta International Airport, Georgia’s largest employment center, and is a short commute to downtown Atlanta.
Steadfast Apartment REIT III, which invests in middle-market apartments and senior living facilities located throughout the United States, went effective in February 2016 and had raised nearly $115.4 million in investor equity, as of July 21, 2017. The company’s portfolio consists of seven properties with a total purchase price of $285 million.