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.
“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.”
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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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.
