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Exterior of apartment property The 502-unit Meritage at Steiner Ranch in the Austin, TX metro area is the largest of the 20 properties in the JV.

IRVINE, CA—Steadfast Income REIT said Monday it had entered into a joint venture with Blackstone Real Estate Income Trust on 20 apartment properties in SIR’s portfolio. BREIT will pay approximately $460.8 million in cash and debt assumption for a 90% ownership interest in the JV properties, which collectively have been dubbed the LANDS Portfolio, presumably for the five metro areas represented in the transaction: Louisville, Austin, Nashville, Dallas and San Antonio.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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