ATLANTA—Steadfast Apartment REIT is getting in on the Greater Atlanta multifamily action. The company just acquired Preston Hills at Mill Creek in Buford, GA for $51 million.
Built in 2000, Preston Hills offers 464 units in 17 multifamily buildings and sits on 43 acres. The multifamily community's one-, two- and three-bedroom units are over 90% occupied. Average in-place rents are $899.
“Preston Hills at Mill Creek is in a prime location that offers residents easy access to Atlanta's growing economy,” says Ella Shaw Neyland, president of Steadfast. “Additionally, it is proximate to the Mall of Georgia, Coolray Field and Lake Lanier for a high-end suburban lifestyle experience. We believe these factors will continue to attract more residents to the area, which will bode well for this community.”
Neyland stressed the location. Preston Hills is in a strong employment center along the Interstate 85 and Highway 316 corridor. A diverse job market and growing population supports the multifamily community.
Two Fortune 500 companies are among the recent influx of high-profile employers. Educational institutions, medical centers and retail have moved to the area—bolstering the long-term multifamily outlook.
Preston Hills has two resort-style swimming pools, a clubhouse, tennis court, two fitness centers, volleyball court, detached garages, business center, playground, spa and valet dry cleaning. But Steadfast plans to invest in a revitalization strategy that will see interiors upgraded and exterior renovations to the clubhouse, pools, landscaping and signage.
Last November, Steadfast laid down $49 million to buy 1800 Barrett Lakes, a 500-unit apartment community in Kennesaw, GA, an Atlanta submarket. The month before that, Steadfast spent $99 million on the 696-unit Residences at McGinnis Ferry in Suwanee—30 miles northeast of Downtown Atlanta.
"We believe multifamily real estate firms with the experience and capabilities to fully renovate the aged apartment inventory available today into upgraded rental options that are in high demand by today's workforce offer a significant opportunity,” Kevin Finkel, executive vice president of Resource Real Estate, tells GlobeSt.com. Do you think Steadfast qualifies as the type of firm Finke described? Sound off?
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