IRVINE, CA—Steadfast Apartment REIT has acquired four apartment communities (1,072 units) in two separate transactions for an aggregate purchase price of $157 million. Three of those properties are in the Dallas-area, and will mark a substantial expansion of the REIT's presence in Texas.

Steadfast Apartment REIT now has invested approximately $844.3 million in 22 apartment communities containing 7,237 units in 10 states. Steadfast Apartment REIT plans to implement a revitalization strategy at the newly acquired properties, and will complete interior upgrades when turning the units between residents.

“We believe the apartment market is bountiful with opportunities for quality assets in diverse economies that attract a younger, well-educated workforce,” said Ella Neyland, president of Steadfast Apartment REIT. “We believe our latest purchases fit that description and are in line with Steadfast's strategy of targeting communities in vibrant suburban settings with access to lifestyle services and downtowns that cater to the younger demographic.”