Steadfast Apartment REIT Buys 192-Unit Asset

Steadfast Apartment REIT has made another multifamily acquisition in the Midwestern United States. At the end of February, the REIT announced it has purchased the Columns on Wetherington apartment community for $25 million. Steadfast has so far invested more than $290 million in eight apartment communities, in six Midwestern and Southern states.

In its latest Midwestern acquisition, Steadfast Apartment REIT has paid $25 million for a 192-unit, garden-style apartment complex in Florence, Ky. Steadfast has so far invested more than $290 million in eight apartment communities in six Midwestern and Southern states.

Steadfast’s new asset, the Columns on Wetherington, is located at 1620 Corinthian Drive. Completed in 2002 on a 17-acre site, the property consists of 21 apartment buildings and 11 single-story garage buildings. Columns on Wetherington offers two- and three-bedroom apartment units averaging 1,229 square feet, as well as a business center, fitness center, pool and basketball court.

As of Feb. 1, occupancy was 92.7 percent and the average in-place rent was $1,023 per month, Steadfast said in the statement that announced the deal in late February. The REIT plans to renovate both unit interiors and common areas as part of a value-added strategy that will enable the company to increase asking rents. Steadfast did not reveal how much it plans to invest in the revitalization program.

Photo credit: Steadfast Apartment REIT