ATLANTA— Avery Point Apartments, a 512-unit multifamily community, has traded hands. And a heavy-hitting Atlanta REIT snapped it up. (Steadfast just last week made a big multifamily strike in Lawrenceville, GA.)

Steadfast Apartment REIT III's (STAR III) acquired the multifamily asset. Completed in 1986, Avery Point includes 58 two-story buildings with one- and two-bedroom apartment homes and two-bedroom townhomes that average 900 square feet.

“Avery Point bolsters our strategy of acquiring quality communities in strong markets such as Indianapolis,” Ella Shaw Neyland, president of Steadfast Apartment REIT III, tells GlobeSt.com. “The local market is thriving as a result of job creation and strong demographics, and we believe Avery Point will continue to benefit from these fundamentals.”