“Additionally,” Neyland says, “the community is located in a highly desirable county, which sits along several major highways and has experienced several large corporate relocations and expansions in recent years. The multifamily community sits along I-85, and SR-316, a highway that provides critical east-west access for five state colleges and universities, including the University of Georgia

STAR III plans to renovate all unit interiors and exteriors. The renovation will include a full replacement of cabinets, the addition of black appliances, upgrades to lighting fixtures and subway tile backsplashes. STAR III plans to complete the work when turning apartments between residents. STAR III also plans on upgrading common areas and amenities, including enhancements to landscaping, signage, grills, the pool area, pet park, fitness center and playground.

(Find out how lenders are tackling multifamily sector gaps.)

ATLANTA—Sugar Mill Apartments, a gated 244-unit garden-style multifamily community in the Northeast Atlanta submarket of Lawrenceville, GA, has traded hands. The sale price: $35.3 million.

Steadfast Apartment REIT III acquired the asset. With the acquisition of Sugar Mill, STAR III has invested almost $320 million with eight multifamily properties in Colorado, Georgia, Illinois and Texas, totaling 2,080 apartment homes. In the Atlanta area, STAR III also owns Reflections on Sweetwater in Lawrenceville and Ansley at Princeton Lakes.

“Sugar Mill Apartments is an excellent addition to the growing STAR III portfolio and represents what we believe is a quality asset with untapped potential,” Ella Neyland, president of STAR III, tells GlobeSt.com. “Overall, the multifamily market remained strong in 2017 with several areas—including the Greater Atlanta market where Sugar Mill is located—experiencing more pronounced fundamental and economic gains compared to other markets. STAR III will continue to monitor opportunities throughout the US.”

Completed in 1997, Sugar Mill includes 15 two-, three- and four-story multifamily buildings with one-, two- and three-bedroom apartment homes that average 1,094 square feet. In-place rents average $1,073 per month and the community currently is 97.54 percent occupied.

“Additionally,” Neyland says, “the community is located in a highly desirable county, which sits along several major highways and has experienced several large corporate relocations and expansions in recent years. The multifamily community sits along I-85, and SR-316, a highway that provides critical east-west access for five state colleges and universities, including the University of Georgia

STAR III plans to renovate all unit interiors and exteriors. The renovation will include a full replacement of cabinets, the addition of black appliances, upgrades to lighting fixtures and subway tile backsplashes. STAR III plans to complete the work when turning apartments between residents. STAR III also plans on upgrading common areas and amenities, including enhancements to landscaping, signage, grills, the pool area, pet park, fitness center and playground.

(Find out how lenders are tackling multifamily sector gaps.)