Steadfast Apt. Buys Bring Assets Over $1B

IRVINE, CA-Steadfast Income REIT Inc. has acquired two apartment communities in separate transactions for an aggregate purchase price of $36.4 million, pushing the REIT's assets past the $1-billion mark. The two properties were located in Ohio and Kentucky; with them, the REIT has acquired a total of 48 apartment communities in Alabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas.

BriceGrove Park in the Columbus, OH, suburb of Canal Winchester was purchased for $20.1 million in August; Steadfast tells GlobeSt.com the seller was Schottenstein Real Estate Group. The 240-unit complex, consisting of two-bedroom units averaging 1,033 square feet with average rents of approximately $838 per month, was built in 2002 and is 96% occupied. This is the fourth Columbus-area property Steadfast has purchased.

Unit amenities at BriceGrove Park include custom oak cabinetry in kitchens and baths, washer and dryer hookups, modern appliances, private patios and/or balconies and attached and detached garages. Property amenities include a clubhouse with outdoor pool, playground area, picnic gazebo, ample parking, fitness center, golf putting green, bike/jogging trails and a three-acre lake with fountain.

Watermark at Hamburg Place in Lexington, KY, was purchased for $16.3 million from Watermark Residential. The 150-unit, newly constructed apartment community is being renamed Retreat at Hamburg Place and offers one-, two- and three-bedroom apartments with average rents of $952. This is the second Lexington property and the ninth in Kentucky for the REIT; Steadfast also owns six apartment communities in Louisville and one in Frankfort.

Hamburg Place's community amenities include an outdoor resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace with seating, clubhouse with coffee center, barbeque area and a dog park. The apartment homes are equipped with black appliances, washer/dryers, 9-ft. ceilings, faux wood flooring, granite countertops, kitchen islands and private, detached garages.

“We believe the Steadfast portfolio is unique because it is concentrated in the central corridor of the United States in markets that are predominantly outperforming the nation,” says Ella Shaw Neyland, president of Steadfast Income REIT. “We are exceedingly pleased with how our portfolio looks today and offer our continued thanks to our shareholders who have shown their commitment to the Steadfast business plan.”

As GlobeSt.com reported in August, Steadfast Income REIT recently entered the Alabama market with a buy of the 223-unit Tapestry Park for $32.4 million. The REIT bought the nearly year-old property from the developer, Arlington Properties Inc.