Steadfast Buys Big Smyrna Apartment Complex
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Cali-based Steadfast Apartment REIT purchased Park Valley Apartments, a 496-unit Class-B community in Smyrna for $51.4M, or $103,600/unit. With rents $871/month on average, Steadfast's Ella Shaw Neyland says the firm plans to renovate the units and the campus, built in 1987, to capture what she sees as increasing housing demand in an area very near the future SunTrust Park. “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,” Ella says.