IRVINE, CA—Steadfast Apartment REIT, Inc. has acquired two apartment communities with a value of nearly $92 million in separate transactions. Park Valley Apartments in Smyrna—an attractive submarket within the Atlanta Area—was purchased for $51.4 million, and PeakView at T-Bone Ranch in Colorado's Fort Collins market was acquired for $40.3 million. Steadfast Apartment REIT now owns 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.

"We are very pleased to expand our presence in Northern Colorado and the greater Atlanta area, two markets where we believe the outlook for apartments remains robust," said Ella Shaw Neyland, president of Steadfast Apartment REIT.

Constructed in 1987, Park Valley Apartments is Steadfast Apartment REIT's fifth Atlanta-area property and is a 496-unit, class-B multifamily community comprised of 25 two- and three-story buildings on approximately 41 acres. Residents can choose from studio, one- and two-bedroom apartment homes that range from 465 - 1,137 square feet with modern stainless steel appliances, large walk-in closets and vaulted ceilings. Average in-place rents at the Park Valley Apartments are $871. Community amenities include a swimming pool, cyber café, state-of-the-art fitness center, complimentary weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The Park Valley property is currently 95% occupied.