“1250 West is a very well-maintained, recently modernized community that includes many amenities,” says Neyland. “In the last three years, significant capital improvements were made to apartment home interiors and common areas that we believe position 1250 West as one of the most desirable communities in the area.”

The multifamily community offers resort-style amenities, including two swimming pools with sun decks, 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room. The seller invested $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the multifamily units, plus a renovated clubhouse and pools.

The 1250 West buy brings Steadfast's total Atlanta multifamily investment to $322 million. The firm now owns six multifamily communities in the Atlanta area. This is its second multifamily grab in Marietta. The other is the 180-unit Rosemont at East Cobb, just 15 minutes east. Steadfast expects local multifamily fundamentals to continue performing well thanks to Cobb County's high barriers to entry, limited vacant land for multifamily development and diverse employment opportunities.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

ATLANTA—1250 West, a 468-unit multifamily community in Marietta—just 20 miles outside of Downtown Atlanta—traded hands for $55.8 million. Steadfast Apartment REIT, which now owns 33 multifamily assets in 11 state, acquired the property.

“We believe 1250 West is an outstanding property that offers residents a nexus of amenities, location and price,” Ella Shaw Neyland, president of Steadfast Apartment REIT, tells GlobeSt.com. “With limited land available for new apartment construction, strong employment and an expanding population, we believe the property will continue to perform well.”

Constructed in two phases in 1987 and 1995 on 49 acres, 1250 West is a garden-style multifamily community. The multifamily asset is 95% occupied with average in-place rents of $980.

Located in Cobb County, 1250 West is close to highways 120 and 360, and Interstate 75. The multifamily community is close to Town Center Mall, a 1.27 million-square-foot shopping mall, and Dobbins Air Reserve Base which is utilized by the U.S. Air Force, U.S. Navy, and Georgia Air National Guard.

“1250 West is a very well-maintained, recently modernized community that includes many amenities,” says Neyland. “In the last three years, significant capital improvements were made to apartment home interiors and common areas that we believe position 1250 West as one of the most desirable communities in the area.”

The multifamily community offers resort-style amenities, including two swimming pools with sun decks, 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room. The seller invested $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the multifamily units, plus a renovated clubhouse and pools.

The 1250 West buy brings Steadfast's total Atlanta multifamily investment to $322 million. The firm now owns six multifamily communities in the Atlanta area. This is its second multifamily grab in Marietta. The other is the 180-unit Rosemont at East Cobb, just 15 minutes east. Steadfast expects local multifamily fundamentals to continue performing well thanks to Cobb County's high barriers to entry, limited vacant land for multifamily development and diverse employment opportunities.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.