IRVINE, Calif.--Steadfast Apartment REIT hasacquired two Austin-area apartment communities in separatetransactions. Club at Summer Valley andTerrace Cove are the REIT's third and fourthacquisitions, bringing the portfolio to 1,047 apartment homes withan aggregate purchase price of $87 million.

“Over 100 people a day are moving to Austin, which some believecombines the cosmopolitan atmosphere and educated population of thecoasts with the low costs of Texas,” said Ella ShawNeyland, president of Steadfast Apartment REIT. “Austin is increasingly becoming the city of choice for manyMillennials. They are coming to Austin because it and a good placeto work, and there are a wealth of new jobs as businesses grow andrelocate there. With housing prices so high, people are embracingthe apartment lifestyle.

Club at Summer Valley is a 260-unit apartment community, whichwas constructed in 1983 on nine acres, just south of downtown nearthe Interstate 35 corridor. The complex is currently 98 percentoccupied, and is comprised of one- and two-bedroom apartments,one-bedroom townhomes and two-bedroom cottages. The property isunique in that it is the only place in the immediate area thatoffers cottage living. Apartment homes range from 563 to 1,229square feet, with average rents of $836.