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Dec. 17, 2012

Ashley Oaks Apartments Changes Hands in $30.8M Deal

By Camelia Bulea, Associate Editor

Steadfast Income REIT Inc. made its third acquisition in Texas on Nov. 29, with the purchase of Ashley Oaks in North Central San Antonio. The 462-unit garden-style apartment community was sold for $30.8 million.

Ashley Oaks has several amenities, including three swimming pools and a spa, a fitness center, picnic areas with barbecues, a media room and a business center. Built in three phases, in 1985 and 1995, the multifamily property is currently 93 percent occupied.

The San Antonio community was part of a $68 million round of buys that also included the Arrowhead Apartments and The Moorings for a combined $37 million, according to a company news release. “We think these assets are consistent with our focus on acquiring established apartments in locations that present strong opportunity for rent growth and value appreciation,” said Ella Neyland, president of Steadfast.

  • Arrowhead Apartments is a 200‐unit apartment community located in Palatine, III., a Chicago suburb. The property is 98 percent occupied.
  • The Moorings Apartments is located 10 miles south of Arrowhead and consists of 216 units. The community is 99 percent occupied.

With these latest acquisitions, Steadfast has acquired 24 properties with more than 5,200 apartment units in nine Midwestern and Southern states for a total of $415 million.

Photo rendering of Ashley Oaks, courtesy of Steadfast Income REIT

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