Public, non-traded REIT Steadfast Apartment REIT (the REIT) recently announced it acquired a 464-unit apartment community for $51 million.
The REIT’s total multifamily portfolio now consists of nine properties in six states across the midwest and south for a total investment of over $350 million.
Its newest asset, Preston Hills At Mill Creek (Preston Hills), is located in Buford, Georgia, which is about 35 miles from downtown Atlanta.
“Preston Hills at Mill Creek is in a prime location that offers residents easy access to Atlanta’s growing economy. Additionally, it is proximate to the Mall of Georgia, Coolray Field and Lake Lanier for a high-end suburban lifestyle experience,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “We believe these factors will continue to attract more residents to the area, which will bode well for this community.”
Built in 2000, Preston Hills sits on 43 acres and consists of 17 three- and four-story apartment buildings.
The REIT plans to upgrade appliances, replace fixtures in kitchens and bathrooms, and install new hardware, ceiling fans, and lighting throughout the units. On the exterior, renovations to the clubhouse, upgrades to the pools, new signage, and refreshed landscaping are all part of its revitalization strategy.
The units offer one, two, and three bedrooms ranging from 882 to 1,426 square feet. Currently, the community is over 90 percent occupied.
Amenities at Preston Hills include swimming pools, tennis courts, a business center, detached garages, and two fitness centers, among others.
Steadfast Apartment REIT is a $1 billion public offering and as of September 30, 2014 had raised $61.1 million in gross offering proceeds.