Steadfast Apartment REIT announced that it has acquired two apartment communities in separate transactions. Park valley apartments in Smyrna-an attractive submarket within the Atlanta metropolitan statistical area (msa)-was purchased for $51.4 million, and peakview at t-bone ranch in Colorado's's fort collins metro area was acquired for $40.3 million. Constructed in 1987, Park Valley Apartments is Steadfast Apartment REIT's fifth Atlanta-area property and is a 496-unit, Class-B multifamily community comprised of 25 two- and three-story buildings on approximately 41 acres.

Residents can choose from studio, one- and two-bedroom apartment homes that range from 465 - 1,137 square feet with modern stainless steel appliances, large walk-in closets and vaulted ceilings. Average in-place rents at the Park Valley Apartments are $871. Community amenities include a swimming pool, cyber caf, fitness center, complimentary weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park.

The Park Valley property is currently 95% occupied. Steadfast Apartment REIT will implement a significant value enhancement program at Park Valley Apartments. All unit interiors will be upgraded and select enhancements will be made to amenities and common areas.

The City of Smyrna is conveniently located one mile off Interstate 285, affording residents a less than 20-minute commute to Downtown, Midtown, Central Perimeter and Galleria office markets in Atlanta. The surrounding Cobb submarket is in a state of dramatic growth and in 2017, will become the official home of the Atlanta Braves. In addition, a $400 million entertainment district will be completed that same year, which is expected to support approximately 5,200 jobs in the surrounding Cobb submarket.

Constructed in 2002 in the city of Greeley just 30 miles outside of the Fort Collins Central Business District is PeakView at T-Bone Ranch. The 224 apartment home community is currently 93% occupied with average monthly in-place rents of $1,226. Average local market rents grew 15% year-over-year during the second quarter of 2015, according Apartment Insights Trends Report.

PeakView at T-Bone Ranch offers a mix of one-, two- and three-bedroom apartment homes that range from 742 - 1,217 square feet. The apartment homes are equipped with walk-in closets, washer and dryers, fireplaces, computer nooks, and select apartment homes have patios and balconies. In addition, the apartment homes contain luxury finishes such as oversized double pane windows, track lighting and tiled entries.

The approximately 16-acre community boasts a full on-site amenity package that includes a heated pool, hot tub, fitness center, sand volleyball court, business and conference center, children's play lots, dog park and a clubhouse with a lounge.