Steadfast Buys Apartment Community in Metro Atlanta for $35.3M

LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Sugar Mill Apartments, a 244-unit multifamily community in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County, for $35.3 million. Constructed in 1997, the community includes one- to three-bedroom units that average 1,094 square feet with an average rental rate of $1,073 per month. Community amenities include gated access, a clubhouse, business center, fitness center, pool, spa, tennis courts, car wash and a dog park. STAR III plans to renovate all unit interiors and exteriors, including the addition of new appliances, cabinets and light fixtures. The REIT also plans to renovate the landscaping and common area amenities. At the time of sale, Sugar Mill Apartments was 97.5 percent occupied.