Exterior of apartment property The 502-unit Meritage at Steiner Ranch in the Austin, TX metro area is the largest of the 20 properties in the JV.

IRVINE, CA—Steadfast Income REIT said Monday it had entered into a joint venture with Blackstone Real Estate Income Trust on 20 apartment properties in SIR’s portfolio. BREIT will pay approximately $460.8 million in cash and debt assumption for a 90% ownership interest in the JV properties, which collectively have been dubbed the LANDS Portfolio, presumably for the five metro areas represented in the transaction: Louisville, Austin, Nashville, Dallas and San Antonio.

To that end, SIR LANDS Holdings LLC, a newly formed wholly-owned subsidiary of SIR, will hold SIR’s 10% interest in the JV, according to an SEC filing Monday. The total value of the LANDS Portfolio is approximately $512 million, subject to adjustment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.