Steadfast Acquires Two Apartment Properties for $61M
- Apr 01, 2013
Steadfast Income REIT, Inc., a California-based real estate investment and development firm, has acquired two apartment communities in separate transactions for an aggregate purchase price of approximately $61 million.
Steadfast acquired Deep Deuce at Bricktown in Oklahoma City, Okla., for $38.22 million from Omaha-based multi-family investment firm DEI Communities.
The property consists of one- and two-bedroom apartments that have average in-place rents of $1,083. Units include attached garages, kitchen islands, vaulted ceilings and wood-burning fireplaces in addition to washer/dryer hook-ups, garden tubs and spacious closets.
Deep Deuce at Bricktown also offers a swimming pool with deck, a clubhouse, and a 24-hour fitness center.
Built in 2001, the Deep Deuce complex is the third Oklahoma City metro-area acquisition in the past year for Steadfast Income REIT. The property is located in downtown Oklahoma City in walking distance to the river walk, restaurants, bars, music and entertainment venues.
The second purchase was Vantage at Buda Ranch, a 264-unit apartment community, which sold for $23 million and is being renamed to Trails at Buda Ranch.
Built by Vantage Communities in 2009, the 96 percent occupied property consists of 14 three-story residential buildings that offer a mix of one-, two- and three-bedroom apartments that have average in-place rents of $936.
Amenities include laminate wood floors, full-size washer and dryer, spacious closets, granite-style countertops and patios or balconies. The pet-friendly community also offers a pool, 24-hour fitness center, a clubhouse and ample open space for residents.
This is the sixth Texas property for the REIT and the fourth in the Austin area.
“These latest acquisitions exemplify two key facets of our strategy—to invest in apartment communities that are located in strong job growth markets, and to seek concentration in those markets to add synergy to our operating platform, reduce operating costs and increase revenue,” Ella Shaw Neyland, president of Steadfast Income REIT, said in a company statement. “These are our sixth and fifth properties, respectively, in Texas and Oklahoma, and both submarkets have economies that are expected to continue expanding steadily.”
Deep Deuce at Bricktown in Oklahoma City, Okla. and Vantage at Buda Ranch in Austin, Texas are now among the REIT’s 34 apartment communities in 10 Midwestern and Southern states.