AUSTIN-Steadfast Income REIT Inc. has expanded its portfolio by762 units with its buys of the local Monterone Steiner Ranch andthe Belmont in Grand Prairie, TX. The Irvine, CA-based REIT paidapproximately $92 million for both properties.

Monterone Steiner Ranch at 4500 Steiner Ranch Blvd. has 502units, was bought for $80 million and is the REIT's thirdAustin-area buy. The 93%-occupied multifamily property has one-,two-, three- and four-bedroom units.

“The Steiner Ranch property presented us with an opportunity toacquire a premier asset in what we believe to be an exceptionalgrowth market,” says Kyle Winning, chief investment officer ofSteadfast Companies. “We see significant upside potential inupgrading the unit interiors and will immediately launch a $4million capital enhancement project that will also address exteriordeferred maintenance.”

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