California investment firm Steadfast Apartment REIT III has picked up a Gwinnett County apartment community.
Steadfast bought Reflections on Sweetwater, a 280-unit apartment community in Lawrenceville, for $32.4M, or more than $115k/unit, according to filings with the Securities and Exchange Commission. According to documents, it was bought by Steadfast's STAR III fund.
The circa-1996 apartment property is more than 95% leased and has average in-place rents of $965/month. Steadfast president Ella Shaw Neyland stated in documents that "the Atlanta area fits well into our investment strategy of purchasing mid-tier properties in growing communities."
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This is the second Atlanta investment for the REIT in as many months. As we previously reported here, Steadfast purchased the 496-unit Park Valley Apartments in Smyrna for $51.4M, or more than $100k/unit. At the time, Neyland said the firm planned to reinvest in the units and capture increasing demand from renters wanting to be near SunTrust Park, the new Atlanta Braves stadium.
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