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.

“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.”

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.