Steadfast Income REIT Inc. acquired a fee-simple interest in the 504-unit Jefferson at Perimeter Apartments in Dunwoody, Ga., for $102.8 million, excluding closing costs.

The nontraded real estate investment trust funded the acquisition using proceeds from a 1021 like-kind exchange and the assumption of a $65 million mortgage on the property.

The property, which includes 12 three- and four-story residential buildings, was 94.8% occupied as of June 5 and sits on 25 acres. A Steadfast affiliate will manage the complex.