New Steadfast REIT Acquires Indy Complex

INDIANAPOLIS—Steadfast Apartment REIT, a new REIT, has just bought Harrison Place, a 307-unit complex in Indianapolis, its second acquisition, for $27,900,000.

“Harrison Place is located in one of the stronger submarkets within the Indianapolis area, and boasts consistently high occupancy,” says Ella Shaw Neyland, president of Steadfast Apartment REIT. “We are pleased to add this well-maintained, stable apartment community to our portfolio.”

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, sponsors Steadfast Apartment REIT. In May 2014, it made its first acquisition by buying the 176-unit Villages at Spring Hill in Spring Hill, TN. And other REITs in the Steadfast group have also recently made big purchases in the region. For example, as reported in GlobeSt.com, last month Steadfast Income REIT, Inc. acquired Oak Crossing, a 222-unit apartment community in Fort Wayne, IN.

Tenants currently occupy about 95% of Harrison Place, which was constructed in 2001 on nearly 22 acres. The property features one-, two- and three-bedroom apartments, as well as two- and three-bedroom cottages. Each of the cottages comes with its own attached garage. The units have an average of 970-square-feet and rents average $828. The property also includes a clubhouse/leasing office, fitness center, business center, swimming pool and a tenant lounge. Steadfast plans to make interior enhancements that include upgrading tenants' the appliance package and adding vinyl plank wood flooring.

Steadfast officials say the new REIT targets markets throughout the US that have high occupancy and income levels and can withstand downturns. Harrison Place, for example, sits in close proximity to the Defense Finance and Accounting Services, which employs more than 4,500 people, making it one of the largest military facilities in the US.