COLORADO SPRINGS, CO—Steadfast Apartment REIThas made a $40 million acquisition of TheOasis, a 252-unit apartment community here. Thetransaction represents the REIT's entry into Colorado, and boostsits portfolio to seven apartment communities across fivestates purchased for $275 million.

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“We are excited to add The Oasis to our growing roster ofapartment communities,” said Ella Shaw Neyland,president California-based Steadfast Apartment REIT. “We believethis property is well-positioned in a market experiencing mid-wagejob growth that is much stronger than the U.S. average, and haslimited new apartment construction.”

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Constructed in 1996 on approximately 15 acres,The Oasis boasts 16 two- and three-story garden style buildingswith one- and two-bedroom units with average in-place rents of$1,102. The apartment homes offer residents acomfortable lifestyle with central air conditioning,balconies/patios, washers and dryers, walk-in closets, andfireplaces and attached garages in select units. As of December 1,the occupancy was 96%.

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Additional site improvements include a clubhouse and leasingoffice, fitness center, swimming pool, hot tub and a businesscenter.

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Steadfast plans to initiate a modest revitalization program aspart of its Value Enhancement Strategy that will include granitecountertops, upgraded appliances and cabinets, vinyl wood flooringand faux wood blinds in select apartment homes. Steadfast willcomplete the interior upgrades when turning the units betweenresidents.

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The Oasis is conveniently located near Interstate 25, the mainnorth–south artery through Colorado, with easy access to downtownand the eclectic Old Colorado City HistoricDistrict. The area's workforce is supported by majoremployers such as Fort Carson, Peterson Air Force Base,Schriever Air Force Base, the Air Force Academy andMemorial Hospital, among others.

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Additionally, Colorado Springs is a popular tourist destinationaccounting for more than 55 area attractions and activities,including the Garden of the Gods, CheyenneMountain Zoo and the Colorado Springs Fine ArtsCenter. The city is also home to the U.S. OlympicTraining Center and the headquarters of the U.S.Olympic Committee.

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Steadfast Apartment REIT intends to acquire and operate adiverse portfolio of well-positioned, institutional-qualityapartment communities in targeted markets throughout the UnitedStates.

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The REIT is sponsored by Steadfast REIT Investments LLC, anaffiliate of Steadfast Companies, an OrangeCounty, CA-based group of affiliated real estate investment andoperating companies that acquire, develop and manage real estate inthe U.S. and Mexico.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.