Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $55.8M

MARIETTA, GA. — Steadfast Apartment REIT Inc. has purchased 1250 West, a 468-unit apartment community in Marietta, about 20 miles north of downtown Atlanta, for $55.8 million. Constructed in two phases in 1987 and 1995 on 49 acres, 1250 West is a garden-style community featuring one-, two- and three-bedroom apartment homes that range from 736 to 1,200 square feet. Average in-place rents are $980. The property is currently 95 percent occupied. Community amenities, include two swimming pools with sun decks, a 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room. The previous owner initiated an $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the apartment homes, plus a renovated clubhouse and pools. With 1250 West, Steadfast Apartment REIT has invested $322 million in six apartment communities in the Atlanta area. It is the REIT’s second apartment community in Marietta, and joins the 180-unit Rosemont at East Cobb, just 15 minutes east. The REIT now owns 33 properties in 11 states for an aggregate purchase price of $1.43 billion.