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Steadfast Income REIT Enters AL with $32M Buy

BIRMINGHAM, AL-The REIT acquires the just-finished 223-unit Tapestry Park from its developer. The Irvine, CA-based buyer also bulks up its Texas portfolio by paying $24 million for the 400-unit Dawntree in Carrollton.

By Amy Wolff Sorter | Updated on August 18, 2013

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.

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