The Residences on McGinnis Ferry

Steadfast Apartment REIT Acquires 696 Multifamily Units in Metro Atlanta for $98.5M

by John Nelson

SUWANNEE, GA. — Steadfast Apartment REIT has acquired 696 apartment units in Suwannee, a suburb in Atlanta’s North Gwinnett submarket, for $98.5 million. Steadfast will jointly operate the apartment residences, which were originally constructed as two standalone properties comprising 354 units and 342 units. The multifamily property will be known as The Residences on McGinnis Ferry, which is currently 97 percent occupied. The average in-place rental rate is $1,068, and the average square footage in each unit is 1,217 square feet. The property’s amenity offerings include two swimming pools, a dog park, playgrounds, children’s activity room, tennis courts, 24-hour fitness center, resident activity center and a walking and bicycle trail.

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