Steadfast REIT Buys 3 for $80.8M

CHICAGO—Steadfast Apartment REIT has just acquired three apartment communities in the Midwest in three separate transactions. The communities in suburban Indianapolis and suburban Chicago cost $80.8 million and have a total of 643 homes. Irvine, CA-based Steadfast has now invested over $430 million in twelve apartment communities in seven Midwestern and Southern states.

“Job growth is a major driver for apartment demand and the Midwest is humming with activity,” said Ella Neyland, president of Steadfast, in a prepared statement. She was not available for additional comment by press time. “We believe we are continuing our strategy of buying communities in markets that exhibit strong employment growth, limited new supply, and expanding populations.”