“We believe the Indianapolis area is a perfect fit for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” says Neyland. “Particularly, the community is located in the far north side of the city, which is one of the most affluent and desirable areas and boasts some of the city's finest homes, class A office space, shopping, dining, and entertainment.”

(Commercial real estate in this Georgia County is heating up. Get the details.)

Multifamily amenities include clubhouse and business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, covered parking and a dog park. Apartment home amenities feature fully equipped kitchens, private patios and balconies, private entrances, walk-in closets and fire places.

Avery Point is located within a 10-minute drive of more than 4 million square feet of class A office space, including one of the area's largest employers, the Community Health Network. The multifamily community is also located less than two miles east of Castleton Square, Indiana's largest shopping mall, and is within the award-winning Metropolitan School District of Lawrence Township, known as one of the best public-school systems in Indianapolis.

STAR III plans to renovate 75% of units in the community, as the other 25% were recently renovated by the previous owner. The renovation will include upgrades to kitchen appliances, cabinet fixtures, faucets, kitchen counters and bedroom carpets. Plans also call for on upgrading common areas and amenities, including enhancements to landscaping, signage and the fitness center. With the acquisition of Avery Point, STAR III has invested more than $362 million in nine multifamily properties in Colorado, Georgia, Illinois, Indiana and Texas, totaling 2,592 apartment homes.