ATLANTA—Steadfast Apartment REIT just snapped up two multifamily communities in the Southeast for $88.5 million. All told, Steadfast has now invested about $529 million in 15 multifamily complexes in eight states.

“We believe the apartment market is thriving as a result of job creation and strong demographics,” says Ella Shaw Neyland, president of Steadfast. “More employers and households are moving to secondary markets where local economies are growing, including in many locations where Steadfast already has a presence or would like to have a presence.”

Steadfast acquired Rosemont at East Cobb, a 15-acre property with 12 two- and three-story garden style residential buildings with a clubhouse and leasing office, for $16.5 million. The deal marks Steadfast's fourth investment in Georgia. Rosemont's occupancy stands at 96%. Neyland says Steadfast will upgrade the units as part of a revitalization strategy.