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Steadfast Shells Out $92M for MF Buys

AUSTIN-Steadfast Income REIT adds the 502-unit Monterone Steiner Ranch and the 260-unit Belmont in Grand Prairie to its portfolio.

By Amy Wolff Sorter | Updated on August 13, 2013

AUSTIN-Steadfast Income REIT Inc. has expanded its portfolio by 762 units with its buys of the local Monterone Steiner Ranch and the Belmont in Grand Prairie, TX. The Irvine, CA-based REIT paid approximately $92 million for both properties.

Monterone Steiner Ranch at 4500 Steiner Ranch Blvd. has 502 units, was bought for $80 million and is the REIT’s third Austin-area buy. The 93%-occupied multifamily property has one-, two-, three- and four-bedroom units.

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