IRVINE, CA—Steadfast Apartment REIT has entered the Oklahoma City market and has augmented its Texas acquisitions by purchasing two apartment communities in separate transactions for an aggregate price of $88.4 million. The two transactions combined total 654 units and bring the REIT's total investments to more than $932 million in 11 states, comprising 24 communities and 7,891 apartment homes.

Steadfast has acquired the Shores, a 300-unit, class-A apartment community in Oklahoma City, and Monticello by the Vineyard, a 354-unit community in Euless, TX, approximately 25 minutes from both Dallas and Fort Worth. The Shores, located approximately 15 miles from Downtown Oklahoma City, was constructed in 2013 on 22 acres and comprises a clubhouse/leasing center, 11 three-story apartment buildings and 12 two-story townhome buildings with one-, two- and three-bedroom configurations; it is 93.7% occupied. Monticello by the Vineyard, built in 2002, features 21 three-story apartment buildings, five garage buildings and a leasing office/clubhouse on approximately 20 acres; the community is 96.9% occupied.

Amenities packages at both communities are strong. The Shores' residents have access to a clubhouse with a billiards table, business center, fitness center, two resort-style swimming pools, outdoor lounge area, cabana with flat-screen TV, community fire pit, 7-acre fishing pond with deck, pavilion, playground, sports court, car-care center, dog park and more. Meanwhile, Monticello by the Vineyard's residents have access to a resort-style swimming pool and Jacuzzi, poolside BBQ grills, clubhouse, billiards and entertainment center, 24-hour fitness center, dog park, complimentary coffee bar and an executive business center/conference area. Steadfast plans to execute a value-enhancement strategy at Monticello to upgrade unit interiors as well as exteriors and common areas.

Regarding the move into the Oklahoma City market, Ella Neyland, president of Steadfast Apartment REIT, tells GlobeSt.com, “Markets like Oklahoma City are in the wheelhouse for our strategy of buying properties with strong fundamentals that people are moving to. The Shores is located in an area with thriving employment, education, retail and entertainment options that cater to a broad demographic of today's renters.”

Regarding both markets, Shaw says, “Employment demand in these two cities is robust, population is expanding, and we believe limited new construction surrounding the properties will keep fundamentals healthy.”

GlobeSt.com has learned from Steadfast that the seller for Monticello was ARES Management and Wood Partners; the REIT did not provide information on the seller for the Shores.

Neyland recently told GlobeSt.com exclusively, “Our strategy is simple: we invest where America lives. And right now, Americans are flocking to secondary markets that exhibit strong job growth, where the cost of doing business is more affordable for companies looking to relocate or expand.” The REIT previously purchased four apartment communities (1,072 units) in Euless and Kansas City in two separate transactions for an aggregate purchase price of $157 million.