Steadfast REIT Buys Into Braves Dream
Another out-of-town apartment investor is buying into the Atlanta multifamily dream. Califonia-based Steadfast Apartment REIT just bought Rosemont, a 180-unit apartment community in East Cobb, for $16.5M, according to filings with the SEC. The 15-acre property includes 12 buildings and is 96% occupied. “Steadfast Apartment REIT will upgrade the units as part of a revitalization strategy, which will allow us to offer greater value to residents and generate additional operational revenue,” says Steadfast President Ella Shaw Neyland (here). Like many other property owners in the area, Steadfast cites the underway Braves stadium as key for the investment, as well as the LakePoint Sporting Community mixed-use project in Emerson, predicted to bring 20k jobs to the immediate Marietta area.