ATLANTA—Steadfast Apartment REIT just spent $98.5 million on two multifamily assets with 696 apartment units in Atlanta’s North Gwinnett submarket. Steadfast will operate the two properties as The Residences on McGinnis Ferry.

Residences on McGinnis Ferry is located 30 miles northeast of Downtown Atlanta and has average in-place rents of $1,068 with 40 garden-style residential buildings, offering one-, two- and three-bedroom floor plans averaging 1,217 square feet. The assets are 97% occupied.

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