Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $51M

BUFORD, GA. — Steadfast Apartment REIT has acquired Preston Hills at Mill Creek, a 464-unit apartment community in Buford, roughly 35 miles outside of downtown Atlanta. The Orange County, Calif.-based REIT purchased the community for roughly $51 million and has now invested more than $350 million in nine apartment communities in the Midwest and Southeast. Constructed in 2000, the multifamily property is more than 90 percent occupied and is comprised of one- to three-bedroom units ranging from 882 to 1,426 square feet. Average in-place rents are $899 per month. The apartment community’s amenity package includes two resort-style swimming pools, a clubhouse, tennis court, two fitness centers, volleyball court, detached garages, business center, playground, spa and valet dry cleaning. Steadfast plans to upgrade the unit interiors and common areas in the next several months.