Steadfast Apartment REIT III Buys Multifamily Property Near Atlanta for $32 Million

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, purchased Reflections on Sweetwater in the Atlanta suburb of Lawrenceville, Georgia for $32.4 million.

Completed in 1996, the 280-unit multifamily community includes 11 three- and four-story buildings with one-, two- and three-bedroom apartment homes that average 933 square feet. In-place rents average $965 per month and the community is currently 95.7 percent occupied.

“The Atlanta area fits well into our investment strategy of purchasing mid-tier properties in growing communities,” stated Ella Neyland, president of Steadfast Apartment REIT III. “While Reflections on Sweetwater is our first Atlanta Metro acquisition for STAR III, it is the seventh Atlanta-area property acquired by the various Steadfast REITs.”

The community’s amenities include a pool with sundeck, fitness center, playground, clubhouse with resident lounge, outdoor BBQ grills, business center, tennis-courts, walking trail and onsite lake, car-washing station and detached garage parking. Unit amenities include nine-foot ceilings, washer/dryer connections, and private balconies or patios.

Approximately half of the apartment homes were renovated by the previous owner, and STAR III plans to renovate the remaining units when turning the apartments between residents.

Located 20 miles northeast of downtown Atlanta, the community offers convenient access to employers including Cisco Systems, Kaiser Permanente, Primerica, and the Gwinnett County Government.

Steadfast Apartment REIT III invests in middle-market apartments and senior living facilities located throughout the United States. The company went effective in February 2016 and has raised nearly $25 million in investor equity since the third quarter of 2016. Including this most recent acquisition, the company has purchased four properties in Colorado, Georgia, Illinois and Texas for a total of $132 million.