Steadfast Apartment REIT Buys 192-Unit Asset
- Mar 09, 2015
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