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Steadfast Apartment REIT III pays $30M for Va. community

Steadfast Apartment REIT III paid roughly $30.1 million to purchase a class-A, 183-unit apartment-home community in Chesapeake, Va.

The multifamily real estate investment trust said it plans certain renovations at the 91.8%-occupied Cottage Trails at Culpepper Landing property, which includes eight three-story buildings.