REIT Adds Garden-Style Property in Area with Great Prospects
- Jun 15, 2015
An investment trust seems to be thinking long-term with its latest acquisition in Metro Atlanta. Steadfast Apartment REIT, sponsored by an affiliate of Steadfast Companies, announced the acquisition of its fourth multifamily community in the Big Peach.
Located in Marietta, approximately 15 miles northwest of downtown Atlanta, the 180-unit Rosemont at East Cobb is in an area that will soon be home to the new Atlanta Braves Stadium, surrounding mixed-use and LakePoint, a $1 billion sports complex. These are projected to bring 20,000 jobs in total. Much like two of the REIT’s other communities in the Atlanta-area (1800 Barrett Lakes, near Cobb County Airport, and Preston Hills, right next door to DeKalb Pechtree Airport), this latest addition to the national portfolio is located in close proximity to an airport, Dobbins Air Force Base. This may well be the case of pure chance as none of their acquisitions in other markets confirm this particular approach, but it can also foreshadow a new pathway in the REIT’s strategy.
The approximately 15-acre property consists of 12 two- and three-story garden style residential buildings. These include one- and two-bedroom apartments in five different floor plans averaging 1,056 square feet, with average in-place rents of $824. the property was 96% occupied at the time of the acquisition – the transaction was worth $16.5 million.
Photo credits: Steadfast Companies