MUFREESBORO, TN—Steadfast Income REIT Inc., based in Irvine, CA, has acquired the Richland Falls apartment community here for $21 million.
The newly constructed apartment complex features 190 units and sits on approximately 18 acres. The 190-unit first phase consists of nine multi-story buildings with one-, two-, and three-bedroom configurations. The units average 1,026 square feet and average in-place rents are $892 a month. An additional 86 apartment homes could be built as an additional phase on entitled land that was acquired as part of the purchase, the company states.
The acquisition of Richland Falls represents the REIT's fourth Nashville-area property. Steadfast Incone also owns Indian Lake Village, Keystone Farms and Audubon Park. The purchase brings the REIT's portfolio to 66 communities in 11 Midwestern and Southern states. Its holdings of approximately 16,500 units are located in Alabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas.
"Steadfast Income REIT's acquisition focus has been to focus on properties in flourishing markets,” says Ella Shaw Neyland, president of Steadfast Income REIT. "Murfreesboro and the Nashville area are high on national rankings for economic strength, attractiveness to business, population growth and job growth.”
Residents began moving in to the apartment homes in the fourth quarter of 2013. On site amenities at the property include: an outdoor swimming pool, fitness center, business center, billiards lounge, a laundry center, and dog park.
Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, CA-based group of affiliated real estate investment companies that acquire, develop and manage real estate in the U.S. and Mexico.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
