Steadfast Acquires Two Austin Properties

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.