ATLANTA—Steadfast Apartment REIT just laid down$49 million to buy 1800 Barrett Lakes, a 500-unitapartment community in Kennesaw, GA, an Atlantasubmarket. Last month, Steadfast spent $99 million on the 696-unit Residences at McGinnis Ferryin Suwanee—30 miles northeast of Downtown Atlanta.

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“1800 Barrett Lakes is located in one of the stronger submarketswithin the Atlanta area,” says Ella Shaw Neyland,president of Steadfast. “We believe that the new Atlanta Bravesbaseball stadium—just six miles from the property—the expansion ofthe McCollum Field County Airport and the addition of a $38 millionmixed-use development project will continue to drive demand forapartments in Kennesaw.”

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Barrett Lake was built in two phases between 1988 and 1997 andis 96% occupied. The multifamily community has 30garden-style buildings with one-, two-, and three-bedroom units andsits on 68 acres. Average in-place monthly rents are $827.

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In terms of location, Kennesaw is about 15 miles northwest ofAtlanta and close to about 6.6 million square feet ofoffice space and 6.4 million square feet ofretail space. That includes the Town Center Mall,which is one of the largest malls in the greater Atlanta area.

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Kennesaw State University is home to 26,000 students. Theuniversity has plans for $795 million in projects to accommodategrowing student enrollment, which is projected to reach 30,000 by2016.

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According to Marcus & Millichap'sApartmentResearch Market Report for the fourth quarter of 2014,Metro Atlanta apartment operations have made “substantialstrides” since the downturn. What's more, Atlanta's multifamilymarket shows no signs of slowing down going into 2015.

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“Broad-based job creation is attracting more people to Atlanta,fueling demand for housing,” the report notes. “Over the past year,net migration surged 42% as 32,800 individuals moved to theregion.”

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