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Steadfast Apartment REIT III pays $45M for Indianapolis apartment community

Steadfast Apartment REIT III purchased a 512-unit apartment-home community in northeast Indianapolis for about $44.6 million.

Avery Point Apartments is 94.14% occupied and features 58 two-story buildings with one- and two-bedroom apartment homes and two-bedroom townhomes averaging 912 square feet, according to a company press release.

The company noted that it intends to renovate 75% of units in the community.