Steadfast Grabs 3 Properties in Midwest
- Apr 08, 2015
By Keith Loria, Contributing Editor
In three separate transactions, Steadfast Apartment REIT has acquired three apartment communities in the Midwest totaling 643 apartment homes, for an overall price of $80.8 million.
The three acquisitions consisted of Reveal on Cumberland, located in greater Indianapolis and purchased for $29.5 million; Eagle Lake Landing, also located in greater Indianapolis and purchased for $19.2 million; and Randall Highlands Apartments, located in the greater Chicago area and purchased for $32.1 million.
“Eagle Lake Landing Apartments, Randall Highlands Apartments, and Reveal on Cumberland are excellent communities,” Ella Neyland, Steadfast Apartment REIT’s president, told Commercial Property Executive. “They offer tremendous value to residents in the form of quality interiors, expansive amenities, and prime location to jobs—without demanding expensive rents. This makes these communities affordable to a sizable portion of the local population.”
Reveal on Cumberland is a 220-unit apartment community in Fishers, Ind., which features one-, two- and three-bedroom apartments totaling nine different floorplans. Apartment homes range from 663 to 1,433 square feet with average in-place rents of $1,095. Apartments include gourmet bar kitchens with pendant lighting, granite countertops, faux-wood flooring, designer light fixtures and walk-in closets. Amenities include a full-service clubhouse, 24-hour fitness center, pet park, game room and a resort-style swimming pool with a hot tub and cabanas.
Eagle Lake Landing Apartments in Speedway, Ind., contains 277 apartments situated in nine garden-style apartment buildings containing a mix of one-, two- and three-bedroom homes that average 1,075 square feet. The community was completely renovated in 2011 with new roofs, windows, patio doors, signage, paint and common-area improvements. All homes are equipped with balconies/patios, washers/dryers and extra storage, while shared common area improvements include a clubhouse, fitness center, business center, swimming pool and deck, tanning bed, playground, picnic area with grills and a lake with fishing.
Randall Highlands Apartments in North Aurora, Ill., is a 146-unit apartment community that offers two- and three-bedroom townhome-style apartments ranging from 1,372 to 1,688 square feet. Amenities include a fitness center, zero-depth entry pool with sun deck, business center and a game room.
“Steadfast Apartment REIT employs a strategy that focuses on well-positioned, institutional-quality apartment communities in strong markets that exhibit growing employment and expanding populations,” Neyland said. “Markets like Indianapolis and Chicago where these communities are located demonstrate many of the characteristics we look for.”
According to Neyland, the company will be doing interior upgrades in many of the apartment homes to deliver contemporary interiors for the residents.
Overall, Steadfast Apartment REIT has acquired 12 apartment communities in seven Midwestern and Southern states for a total of $430 million.
“Local economies are improving as a result of job creation, limited new construction, and overall improving confidence,” Neyland said. “This bodes well for apartment fundamentals and operations.”