August 19, 2016
Irvine, CA-based Steadfast Apartment REIT, Inc. acquired 1250 West, a 468-unit apartment community in Marietta, GA from an undisclosed party for $55.8 million. The 95%-occupied property was originally constructed in two phases in 1987 and 1995, and sits on 49 acres.
Steadfast’s Ella Shaw Neyland says, “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.”
An $8-million value-add program completed in 2015 by previous owners, included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the apartment homes, plus a renovated clubhouse and pools.
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