IRVINE, CA—Steadfast Apartment REIT has acquired four apartment communities (1,072 units) in two separate transactions for an aggregate purchase price of $157 million. Three of those properties are in the Dallas-area, and will mark a substantial expansion of the REIT's presence in Texas.

Steadfast Apartment REIT now has invested approximately $844.3 million in 22 apartment communities containing 7,237 units in 10 states. Steadfast Apartment REIT plans to implement a revitalization strategy at the newly acquired properties, and will complete interior upgrades when turning the units between residents.

“We believe the apartment market is bountiful with opportunities for quality assets in diverse economies that attract a younger, well-educated workforce,” said Ella Neyland, president of Steadfast Apartment REIT. “We believe our latest purchases fit that description and are in line with Steadfast's strategy of targeting communities in vibrant suburban settings with access to lifestyle services and downtowns that cater to the younger demographic.”

The REIT also entered the Missouri market in this deal, with the acquisition of Carrington Park in Kansas City. Located 15 minutes north of downtown, Carrington Park offers 298 apartment homes. The 38-acre property maintains an array of onsite facilities, including a fitness room, resident entertainment center with billiards, playground, resort-style swimming pool, auto detailing bay, BBQ grills and dog park. Carrington Park is currently 98% occupied.

Carrington Park is near some of the region's largest employers and retailers.

Steadfast Apartment REIT also expanded its presence in Texas by acquiring three properties within the Dallas/Fort Worth/Arlington Metropolitan Statistical Area.

Kensington by the Vineyard is a 259-apartment community located in the city of Euless—approximately 30 and 20 minutes from the Dallas and Fort Worth central business districts, respectively. Constructed in 1997 on 14.7 acres, the complex comprises a leasing office, maintenance building and 37 two-story apartment buildings. Kensington by the Vineyard is 95.8% occupied as of August 24.

Ten miles west of Kensington by the Vineyard is The Delano at North Richland Hills in North Richland Hills. This 263-apartment community offers a healthy mix of one-, two-, three- and four-bedroom apartment homes in eight different layouts ranging from 722 – 1,954 square feet. Delano at North Richland Hills is currently 97.3% occupied.

Located within the same city, The Meadows at North Richland Hills features 252 units in two-, three- and four-bedroom designs that average 1,140 square feet. Currently 97.6% occupied, this circa-1999 property offers a full amenity package comprised of a 24-hour fitness center, sand volleyball court, two swimming pools, dog park, basketball court, tennis court, picnic area with BBQ stations and a playground.

“The Dallas/Fort Worth/Arlington MSA is a very prolific market in terms of economic growth,” said Neyland. “A few of its major employers include AT&T, JPMorgan Chase, Exxon Mobil, Neiman Marcus and airline companies, which should help support apartment demand and fundamentals. In fact, Axiometrics projects rents to grow in the Dallas/Fort Worth/Arlington MSA by 3.5% annually in the next five years.”

Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, CA-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the US and Mexico.