{"id":1004120695,"date":"2015-06-05T05:23:58","date_gmt":"2015-06-05T13:23:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004120695"},"modified":"2022-12-08T17:31:09","modified_gmt":"2022-12-09T01:31:09","slug":"steadfast-expands-in-the-southeast","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/steadfast-expands-in-the-southeast\/","title":{"rendered":"Steadfast Growth"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Ella<\/a>

Ella Shaw Neyland, Steadfast REIT<\/p><\/div>\n

Steadfast Apartment REIT has acquired Ridge Crossings Apartments, 720 apartment homes in Hoover, Ala., for $72 million, and in a separate deal, purchased Rosemont at East Cobb, 180 apartment homes in Marietta, Ga., for $16.5 million.<\/p>\n

\u201cRidge Crossings in Birmingham represents a new market for Steadfast Apartment REIT, while Rosemont at East Cobb\u00a0expands our presence in the greater Atlanta area,\u201d Ella Shaw Neyland, Steadfast Apartment REIT\u2019s president, told Commercial Property Executive<\/em>. \u201cBoth these well-located communities offer a healthy mix of floor plans and competitive amenity packages that cater to residential demand.\u201d<\/p>\n

Ridge Crossings Apartments was originally constructed in three phases between 1991-1996 and consists of 71 two- and three-story garden style residential buildings with a mix of one-, two- and three-bedrooms.<\/p>\n

A total of 334 units have recently been renovated with black appliances, faux granite counter-tops, new plumbing, updated light fixtures and resurfaced or painted cabinets.<\/p>\n

The community is located 20 minutes south of downtown Birmingham and was 94 percent occupied at the time of the sale.<\/p>\n

Rosemont at East Cobb features one- and two-bedroom apartments in five different floorplans that average 1,056 square feet with average in-place rents of $824.\u00a0The approximately 15-acre property consists of 12 two- and three-story garden style residential buildings with a clubhouse\/leasing office.<\/p>\n

On-site amenities include a fitness center, business center, tennis court, volleyball court, sparkling swimming pool and a barbecue area.<\/p>\n

\"ridge\"<\/a>

Ridge Crossings Apartments, Birmingham<\/p><\/div>\n

The transaction represents the REIT\u2019s fourth investment in the state of Georgia.<\/p>\n

Steadfast Apartment REIT plans to initiate a revitalization strategy at both properties, which will encompass updates to appliances, light and plumbing fixtures, flooring, and countertops. Additional enhancements will be made to the common areas as well.<\/p>\n

\u201cThese two transactions further our strategy of acquiring quality assets in thriving markets that exhibit strong population and job growth,\u201d Neyland added. \u201cWe specifically seek properties that offer some kind of value add to residents through minor to moderate property upgrades.\u201d<\/p>\n

According to Neyland, the company has been tracking both the Birmingham and the Atlanta markets for the last several years and has seen them continue to strengthen. Markets like Hoover\/Birmingham and Marietta\u2014just outside of Atlanta\u2014 fit its target profile as a U.S. metropolitan market showing growing demographic and employment trends.<\/p>\n

\u201cThe communities that Steadfast Apartment REIT has acquired are in the affluent submarkets with great school districts. Especially Atlanta, which was the last major metropolitan area to recover from the Great Recession,\u201d she concluded. \u201cBusinesses are once again expanding and people are moving there to find jobs.\u201d<\/p>\n

Overall, Steadfast Apartment REIT has invested approximately $529 million in 15 apartment communities in eight states.<\/p>\n","protected":false},"excerpt":{"rendered":"

Steadfast Apartment REIT is expanding in the Southeast, with a number of new purchases.<\/p>\n","protected":false},"author":451,"featured_media":1004086389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004120695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nSteadfast Growth - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/steadfast-expands-in-the-southeast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steadfast Growth\" \/>\n<meta property=\"og:description\" content=\"Steadfast Apartment REIT is expanding in the Southeast, with a number of new purchases.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/steadfast-expands-in-the-southeast\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-05T13:23:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:31:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Ella_shaw_neyland4x6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"309\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steadfast-expands-in-the-southeast\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steadfast-expands-in-the-southeast\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Steadfast Growth\",\"datePublished\":\"2015-06-05T13:23:58+00:00\",\"dateModified\":\"2022-12-09T01:31:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steadfast-expands-in-the-southeast\\\/\"},\"wordCount\":454,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steadfast-expands-in-the-southeast\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/11\\\/Ella_shaw_neyland4x6.jpg\",\"articleSection\":[\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steadfast-expands-in-the-southeast\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steadfast-expands-in-the-southeast\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steadfast-expands-in-the-southeast\\\/\",\"name\":\"Steadfast Growth - 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