IRVINE, CA-Locally based Steadfast Income REIT ended 2012 with a bang, picking up five apartment communities for an aggregate price of approximately $115 million during the last days of the year. The properties were acquired in five separate transactions and were located in Lexington, Louisville and Frankfort, KY; Nashville, TN; and Austin, TX.
According to Ella Neyland, president of Steadfast, “Our December acquisitions capped a banner year for the company. In 2012, we added 22 properties with over 5,400 apartment homes for $500 million and expanded into five new midwestern and southern states.”
The acquisitions included Forty57 in Lexington, on which GlobeSt.com previously reported; South Pointe at Valley Farms in Louisville, on which GlobeSt.com also previously reported; Keystone Farms in Nashville and Riverford Crossing in Frankfort for a combined acquisition cost of $38.4 million; and Montecito in Austin for $19 million.
“We continue to find acquisitions that fit our business plan to focus on prime locations in secondary markets with signs of vitality in the local economy,” said Neyland in a prepared statement. “Our apartment markets generally have above-average job growth from expanding local businesses, favorable regulatory climates, convenient access to transportation and capital investments from both private and public sources.”
Neyland tells GlobeSt.com that she expects the acquisition streak to continue into 2013. “We believe that the types of opportunities that fueled our $500 million of acquisitions in 2012 will continue to present themselves in 2013. The demand for quality apartments in growth markets continues to reflect changing attitudes and preferences among Americans that see renting as a very attractive lifestyle choice.”
As GlobeSt.com also reported today, Apartment Realty Advisors closed on three deals in December involving the sale of separate multi-family properties in Kentucky for $87.75 million, according to ARA.