Built in 2001, the 294-unit property at
314 N.E. Second was 99% occupied at the time of sale, reported the new owner Steadfast
Income REIT Inc. The property includes one- and two bedroom-units,
with an average rent of $1,083 per month.
The property previously sold in 2007
to Omaha, Neb.-based Haley Associates LP for $26.9 million. The REIT also acquired the 264-unit Vantage at Buda Ranch in Austin, Texas, for $23
million. With the two purchases, the REIT reported it has acquired more than
7,600 apartment homes in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri,
Oklahoma, Ohio, Tennessee and Texas for $680 million.
“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,” said Ella Shaw Neyland, president of Steadfast Income REIT.
“These are our sixth and fifth properties, respectively, in Texas and Oklahoma,
and both submarkets have economies that are expected to continue expanding steadily.”