Steadfast REIT Picks Up Six Apartment Properties in Houston

HOUSTON-Steadfast Income REIT, Inc. recently completed a six-property portfolio acquisition in Houston representing 1,692 apartment units. The portfolio was acquired in two phases that closed on October 10 and November 7, respectively.

“As the fourth largest city in the nation, Houston has not only sustained the effects of the recession but has continued to lead the nation into the recovery and growth period,” said Ella Neyland, president of Steadfast Income REIT. “In fact, Forbes recently predicted that Houston will be known as America's next great global city with projected job growth over nearly 20% in the coming decade.”

All properties in the portfolio were developed by the manager and seller, Atlanta-based Davis Development, between 2004 and 2008. Five of the properties are in the Cypress and Champions submarkets of northwest Houston, and one property is in the prestigious Kingwood master-planned development in the northeast part of Houston. Steadfast represented itself in the transaction and the seller was represented by ARA's David Oelfke.

The properties all have similar amenities including in-unit washer/dryers, walk-in closets, crown molding, vaulted ceilings and a complete appliance package in the kitchens. Residents are also able to enjoy community amenities that include a clubhouse, swimming pool, business center, barbeque areas, fitness center and remote access gates.

With these latest acquisitions, the REIT has acquired nearly 14,000 apartment units in Alabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas purchased for more than $1.3 billion.

Steadfast Income REIT is a real estate investment trust that intends to acquire and operate a diverse portfolio of real estate investments focused primarily on the multifamily sector, including stable, income-producing and value-added properties. The REIT now has acquired 57 apartment communities in 11 Midwestern and Southern states.

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