IRVINE, Calif.--Steadfast Apartment REIT has acquired two Austin-area apartment communities in separate transactions. Club at Summer Valley and Terrace Cove are the REIT's third and fourth acquisitions, bringing the portfolio to 1,047 apartment homes with an aggregate purchase price of $87 million.

“Over 100 people a day are moving to Austin, which some believe combines the cosmopolitan atmosphere and educated population of the coasts with the low costs of Texas,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “Austin is increasingly becoming the city of choice for many Millennials. They are coming to Austin because it and a good place to work, and there are a wealth of new jobs as businesses grow and relocate there. With housing prices so high, people are embracing the apartment lifestyle.

Club at Summer Valley is a 260-unit apartment community, which was constructed in 1983 on nine acres, just south of downtown near the Interstate 35 corridor. The complex is currently 98 percent occupied, and is comprised of one- and two-bedroom apartments, one-bedroom townhomes and two-bedroom cottages. The property is unique in that it is the only place in the immediate area that offers cottage living. Apartment homes range from 563 to 1,229 square feet, with average rents of $836.