HOUSTON-Steadfast Income REIT, Inc. recently completed a six-property portfolio acquisition in Houston representing 1,692 apartment units. The portfolio was acquired in two phases that closed on October 10 and November 7, respectively.
“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,” said Ella Neyland, president of Steadfast Income REIT. “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.”
All properties in the portfolio were developed by the manager and seller, Atlanta-based Davis Development, between 2004 and 2008. Five of the properties are in the Cypress and Champions submarkets of northwest Houston, and one property is in the prestigious Kingwood master-planned development in the northeast part of Houston. Steadfast represented itself in the transaction and the seller was represented by ARA's David Oelfke.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
