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Steadfast Enters Area with MF Buy

NORTH RICHLAND HILLS, TX-The California REIT acquires three multifamily properties in separate transactions for $62 million. The buy included local Grayson Ridge, Steadman's first in the DFW region.

By Amy Wolff Sorter | Updated on June 20, 2013

NORTH RICHLAND HILLS, TX-SoCal buyer Steadfast Income REIT Inc. has entered the Dallas-Fort Worth area with its buy of the 240-unit Grayson Ridge Apartments for $14.3 million. Steadfast acquired the 1980s complex from Praedium Group LLC in New York City.

In addition to snagging Grayson Ridge at 6901 NE Loop 820, Steadfast added to its portfolio the 144-unit Rosemont Olmos Park at 401 Holland Ave. in San Antonio (purchased for $22 million from Sendera Investment Group LLC) and the 240-unit Quail North at 2701 Watermark Blvd. in Oklahoma City. The latter was acquired from Watermark Residential for $25.2 million. The total of all three transactions was approximately $62 million.

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