BIRMINGHAM, AL-Steadfast Income REIT continues bulking up its multifamily portfolio, recently entering Alabama with a buy of the 223-unit Tapestry Park for $32.4 million. The Irvine, CA-based REIT bought the close to year-old property from the developer, Arlington Properties Inc.
Tapestry Park, at 801 Montclair Rd. was completed in September 2012 and is now 94% occupied. The complex offers one-, two-, and three-bedroom apartment homes with average rents of $1,200.
The REIT also added to its Texas portfolio, paying $24 million for Dawntree Apartments at 1834 E. Peters Colony Rd. in Carrollton. Unlike Tapestry Park, Dawntree is an older property; according to the Denton Central Appraisal District, the property was built in 1982 and renovated in 2008. The seller was listed as Azure Dawntree LP, located in New York City. Dawntree consists of a mix of one- and two-bedroom apartments with average in-place rents of $743. The property is 97% occupied.
With these latest acquisitions, the REIT has acquired a total of 45 multifamily properties in Alabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas for approximately $966 million.
“We have purchased over $950 million in apartment communities targeting the central corridor of the United States,” says Ella Shaw Neyland, president of Steadfast Income REIT. “When the REIT launched three years ago, our investment strategy was unique; however, we increasingly believe our approach has proven to be based on sound reasoning. People are moving to the central part of the country to find jobs and a good quality of life at a reasonable cost.”
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