Steadfast Apartment REIT III Buys Multifamily Community Near Atlanta

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has purchased Sugar Mill Apartments, a gated 244-unit apartment community located in the Northeast Atlanta submarket of Lawrenceville, Georgia. The purchase price was approximately $35.3 million.

“The Sugar Mill acquisition adds another quality property to our portfolio from the Atlanta MSA, an area we believe is well-positioned for long-term success due to its strong fundamentals,” said REIT president Ella Neyland. “Additionally, the community is located in a highly desirable county, which sits along several major highways and has experienced several large corporate relocations and expansions in recent years.”

Completed in 1997, Sugar Mill includes 15 two-, three- and four-story buildings with one-, two- and three-bedroom apartment homes that average 1,094 square feet. In-place rents average $1,073 per month and the community currently is 97.54 percent occupied.

Property amenities include a clubhouse and business center, fitness center, swimming pool and spa, gas BBQ grills, tennis courts, a playground, detached garages, boat and RV storage, a car wash and dog park. Unit amenities include fully equipped kitchens, private patios or balconies, fireplaces, entry alert systems, and in-unit washer/dryers.

Steadfast Apartment REIT III plans to renovate all unit interiors when turning apartments between residents. The renovation will include a full replacement of cabinets, the addition of black appliances, upgrades to lighting fixtures and subway tile backsplashes. The company also plans on upgrading common areas and amenities, including enhancements to landscaping, signage, grills, the pool area, pet park, fitness center and playground.

With the acquisition of Sugar Mill, STAR III has invested almost $320 million with eight multifamily properties in Colorado, Georgia, Illinois and Texas, totaling 2,080 apartment homes. In the Atlanta area, STAR III also owns Reflections on Sweetwater in Lawrenceville and Ansley at Princeton Lakes.

Steadfast Apartment REIT III was formed to acquire and operate a portfolio of institutional-quality multifamily and senior-living apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. The REIT’s primary offering was declared effective by the SEC in February 2016 and raised $135 million in investor equity since inception, as of the third quarter of 2017. The company’s portfolio is comprised of 8 properties purchased for a combined $291.8 million.

For more Steadfast news, visit their directory sponsor page here.