REIT Conquers the Palmetto State with $66.8M Catch
- Jul 08, 2015
By Balazs Szekely, Associate Editor
Steadfast Apartment REIT has set foot on yet another new territory. The investment trust acquired Arbors at Brookfield, a 702-unit apartment community in Mauldin, which marks its entry into the South Carolina market.
The investment trust is expanding its portfolio aggressively – in just the past couple of months it has added communities in suburban Nashville, Metro Atlanta and it has also entered the Colorado market just a few days ago with the acquisition of two neighborhoods in Aurora. The new addition is the 18th property in the REIT’s portfolio and it is among its most valuable transactions so far, only topped by the $72 million acquisition of Ridge Crossings Apartments in Hoover, Alabama and the purchase of McGinnis Ferry in Suwanee, Georgia, which was worth $98.5 million.
Located on a 50-acre site less than eight miles from the Greenville CBD, Arbors at Brookfield consists of 35 two- and three-story buildings constructed in four phases between 1989 and 1997. The community offers 11 different floorplans ranging from 800 to 1,400 square feet, with up to three bedrooms. The new owner plans to implement a series of interior upgrades and moderate enhancements to the model unit and several common-space amenities. One of the clubhouses will also be converted into a resident relations center.
Arbors at Brookfield was 95 percent occupied at the time of closing.
Image source: Yardi Matrix