Steadfast Makes SW Inroads With $61M Buy

BUDA, TX-Steadfast Income REIT Inc. added 558 units to its growing portfolio, acquiring local Vantage at Buda Ranch and Oklahoma City-based Deep Deuce at Bricktown in two separate transactions. The Irvine, CA REIT spent a total of $61 million for the class A multifamily properties which are located in strong job growth markets, according to a press release.

Steadfast Income REIT bought the 264-unit Vantage at Buda Ranch, located in a suburb of Austin, from developer Vantage Communities for $23 million. The new owner plans to change the name of the multifamily property at 1250 Robert S. Light Blvd. to Trails at Buda Ranch. The 95%-occupied property consists of 14 three-story buildings offering a mix of one-, two- and three-bedroom units with an average monthly rent of $936. Buda Ranch is Steadfast's sixth Texas property, and its fourth in the Austin area.

Meanwhile, directly north on Interstate 35, the 294-unit Deep Deuce at Bricktown at 314 NE 2nd St. is 99% occupied and offers one- and two-bedroom units with an average in-place rent of $1,083 per month. Steadfast paid $38.2 million to DEI Communities of Omaha, NE for the asset, its fifth buy in Oklahoma.

“These latest acquisitions exemplify two key facets of our strategy -- to invest in apartment communities that are located in strong job growth markets, and to seek concentration in those markets to add synergy to our operating platform, reduce operating costs and increase revenue,” says Ella Shaw Neyland, president of Steadfast Income REIT in a prepared statement. Representative involved with the transaction were not immediately available for comment. An update will follow shortly.