HOUSTON-Steadfast Income REIT officially entered the area market with its $37 million buy of the 504-unit Heights at 2121 Apartments. Steadfast, based in Irvine, CA, made the deal for the class B property with seller Resource Real Estate; Apartment Realty Advisors negotiated the transaction between buyer and seller.
Located at 2100 Tannehill Dr. and once known as Whisper Tree Apartments, the Heights consists of one- and two-bedroom units ranging in size from 502 square feet to 1,007 square feet. Average in-place monthly rents are $865.
Approximately 80% of the apartment homes have been renovated to include new appliances, fixtures, carpet and vinyl flooring and updates to the countertops and cabinet finishes. The REIT plans to continue the interior upgrades when turning the units between residents.
“As the fourth largest city in the nation, Houston has not only sustained the effects of the recession but has continued to lead the nation into the recovery and growth period,” says Ella Shaw Neyland, Steadfast president. “In fact, Forbes recently predicted that Houston will be known as 'America's next great global city' with projected job growth over nearly 20% in the coming decade.”
Heights at 2121 is the third property Steadfast acquired within the past several weeks. During late September, the REIT acquired the following.
- The 206-unit Watermark at Indian Lake Village, 120 Cinema Drive Hendersonville, TN. Steadfast paid $29 million to Watermark Residential of Indianapolis for the multifamily property, which will be renamed Cantare at Indian Lake Village.
- The 336-unit Broadstone Ashwood, 1701 Towne Crossing Blvd Mansfield, TX. Steadfast struck the $30.9 million transaction with Phoenix-based Alliance Residential Co., and plans to name the multifamily property Landing at Mansfield.
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