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Steadfast Apartment REIT III pays $35M for Ga. community

Steadfast Apartment REIT III Inc. bought the 244-unit Sugar Mill Apartments community in the northeast Atlanta submarket of Lawrenceville for roughly $35.3 million.

Apartment homes at the 15-building community have an average area of 1,094 square feet. The company noted that it plans certain renovations at the property, which is 97.54% occupied.

The company acquired the property through its STAR III Sugar Mill LLC subsidiary, which funded the transaction with proceeds from the trust's ongoing public offering and a roughly $24.8 million loan due Jan. 1, 2025. Interest on the outstanding principal balance of the loan accrues at a 3.92% annual rate and bears monthly interest payable starting Feb. 1, 2018.

Walker & Dunlop LLC provided the loan.