COLORADO SPRINGS, CO—Steadfast Apartment REIT has made a $40 million acquisition of The Oasis, a 252-unit apartment community here. The transaction represents the REIT's entry into Colorado, and boosts its portfolio to seven apartment communities across five states purchased for $275 million.
“We are excited to add The Oasis to our growing roster of apartment communities,” said Ella Shaw Neyland, president California-based Steadfast Apartment REIT. “We believe this property is well-positioned in a market experiencing mid-wage job growth that is much stronger than the U.S. average, and has limited new apartment construction.”
Constructed in 1996 on approximately 15 acres, The Oasis boasts 16 two- and three-story garden style buildings with one- and two-bedroom units with average in-place rents of $1,102. The apartment homes offer residents a comfortable lifestyle with central air conditioning, balconies/patios, washers and dryers, walk-in closets, and fireplaces and attached garages in select units. As of December 1, the occupancy was 96%.
Additional site improvements include a clubhouse and leasing office, fitness center, swimming pool, hot tub and a business center.
Steadfast plans to initiate a modest revitalization program as part of its Value Enhancement Strategy that will include granite countertops, upgraded appliances and cabinets, vinyl wood flooring and faux wood blinds in select apartment homes. Steadfast will complete the interior upgrades when turning the units between residents.
The Oasis is conveniently located near Interstate 25, the main north–south artery through Colorado, with easy access to downtown and the eclectic Old Colorado City Historic District. The area's workforce is supported by major employers such as Fort Carson, Peterson Air Force Base, Schriever Air Force Base, the Air Force Academy and Memorial Hospital, among others.
Additionally, Colorado Springs is a popular tourist destination accounting for more than 55 area attractions and activities, including the Garden of the Gods, Cheyenne Mountain Zoo and the Colorado Springs Fine Arts Center. The city is also home to the U.S. Olympic Training Center and the headquarters of the U.S. Olympic Committee.
Steadfast Apartment REIT intends to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States.
The REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, CA-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.
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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.
