ATLANTA—Steadfast Apartment REIT just spent$98.5 million on two multifamily assets with 696apartment units in Atlanta's North Gwinnettsubmarket. Steadfast will operate the two properties as TheResidences on McGinnis Ferry.

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

“We specifically seek to acquire properties in areas that havedemonstrated continued economic growth and a strong renter pool,”says Ella Shaw Neyland, president of Steadfast.“The greater Atlanta market continues to improve and is supportedby employment growth of nearly 6% since 2010. In addition, thelocal apartment market remains positive due to limited new supplycoming on line and a general decline in homeownership.”