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SIR, Blackstone JV on 20 Multifamily Assets

Steadfast Income REIT acquired the apartment properties across Texas and Southern markets between August 2011 and May 2014.

By Paul Bubny | Updated on November 14, 2017

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.

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