MUFREESBORO, TN—Steadfast Income REIT Inc.,based in Irvine, CA, has acquired the RichlandFalls apartment community here for $21 million.

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The newly constructed apartment complex features 190 units andsits on approximately 18 acres. The 190-unit first phase consistsof nine multi-story buildings with one-, two-, and three-bedroomconfigurations. The units average 1,026 square feet and averagein-place rents are $892 a month. An additional 86 apartment homescould be built as an additional phase on entitled land that wasacquired as part of the purchase, the company states.

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The acquisition of Richland Falls represents the REIT's fourthNashville-area property. Steadfast Incone also owns Indian LakeVillage, Keystone Farms and Audubon Park. The purchase brings theREIT's portfolio to 66 communities in 11 Midwestern and Southernstates. Its holdings of approximately 16,500 units are located inAlabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri,Oklahoma, Ohio, Tennessee and Texas.

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"Steadfast Income REIT's acquisition focus has been to focus onproperties in flourishing markets,” says Ella ShawNeyland, president of Steadfast Income REIT. "Murfreesboroand the Nashville area are high on national rankings for economicstrength, attractiveness to business, population growth and jobgrowth.”

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Residents began moving in to the apartment homes in the fourthquarter of 2013. On site amenities at the property include: anoutdoor swimming pool, fitness center, business center, billiardslounge, a laundry center, and dog park.

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Steadfast Income REIT is sponsored by Steadfast REITInvestments, LLC, an affiliate of SteadfastCompanies, an Orange County, CA-based group of affiliatedreal estate investment companies that acquire, develop and managereal estate in the U.S. and Mexico.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.