Resident amenities include a swimming pool with waterfall, hot tub, steam room and dry sauna, a third-party managed on-site spa, fitness center, sand volleyball court, community pond, dog park, central park and playground, barbecue and picnic area, and business center. Additionally, the city recently added public open space along Lake Ray Hubbard for fishing, boating and sailing, which is an added perk for Lake Ray Hubbard residents.

Steadfast Apartment REIT intends to initiate a value enhancement strategy at the property. At the time of development, approximately 25% of the apartment homes were built with finishes such as hardwood flooring, stone countertops and tile backsplashes. Steadfast will upgrade the remaining units to be on par with the high-end units. Improvements will be completed as units turn in order to limit disruption at the property.

The asset is located in a submarket that is positioned for long-term growth. The 2016 average household income within a one-mile radius of the property is estimated to be $94,450, making the current rents attractive to those looking for quality apartment living. In nearby Plano, TX, the $3.2 billion, 255-acre Legacy West development is projected to bring in 20,000 jobs in the next few years and will be home to Toyota's new North American headquarters, a regional hub for Liberty Mutual and an office campus for JPMorgan Chase. The apartment community lies within the Rockwall Independent School District, which earned the highest district rating achievable by the Texas Education Agency this past year.

“Lake Ray Hubbard is an excellent apartment complex and is well positioned when you compare apartment home sizes, interiors and available amenities to that of other local apartment communities,” says Ella Shaw Neyland, president of Steadfast Apartment REIT, which now owns eight Texas properties.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

ROCKWALL, TX—There are few multifamily apartment communities in Rockwall and no new developments underway, which should keep demand healthy for Lake Ray Hubbard. This garden-style apartment community with 334 apartment homes has been acquired by Steadfast Apartment REIT from seller Blackstone in this submarket 25 miles northeast of Dallas.

GlobeSt.com learns that the purchase price was $66.1 million or $197,754 per unit. Fannie Mae provided a loan amount of $47.1 million for the transaction, according to Real Capital Analytics.

The community is located at 1650 S. John King Blvd. The Lake Ray Hubbard community is being renamed to Sixteen50 @ Lake Ray Hubbard. The 96% occupied apartment community was developed in 2009 and includes 42 apartment buildings housing one-, two-, three- and four-bedroom floorplans that average 1,118 square feet within two floors. Rents are competitively priced at an average of $1,603.

Each apartment home features a complete appliance package, a balcony or patio, ceiling fans, washer and dryer connections, along with fireplaces and hardwood floors in select homes. Additionally, Lake Ray Hubbard is the only apartment community in the suburb to offer either an attached or detached garage for every apartment home.

Resident amenities include a swimming pool with waterfall, hot tub, steam room and dry sauna, a third-party managed on-site spa, fitness center, sand volleyball court, community pond, dog park, central park and playground, barbecue and picnic area, and business center. Additionally, the city recently added public open space along Lake Ray Hubbard for fishing, boating and sailing, which is an added perk for Lake Ray Hubbard residents.

Steadfast Apartment REIT intends to initiate a value enhancement strategy at the property. At the time of development, approximately 25% of the apartment homes were built with finishes such as hardwood flooring, stone countertops and tile backsplashes. Steadfast will upgrade the remaining units to be on par with the high-end units. Improvements will be completed as units turn in order to limit disruption at the property.

The asset is located in a submarket that is positioned for long-term growth. The 2016 average household income within a one-mile radius of the property is estimated to be $94,450, making the current rents attractive to those looking for quality apartment living. In nearby Plano, TX, the $3.2 billion, 255-acre Legacy West development is projected to bring in 20,000 jobs in the next few years and will be home to Toyota's new North American headquarters, a regional hub for Liberty Mutual and an office campus for JPMorgan Chase. The apartment community lies within the Rockwall Independent School District, which earned the highest district rating achievable by the Texas Education Agency this past year.

“Lake Ray Hubbard is an excellent apartment complex and is well positioned when you compare apartment home sizes, interiors and available amenities to that of other local apartment communities,” says Ella Shaw Neyland, president of Steadfast Apartment REIT, which now owns eight Texas properties.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.