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Jan. 9, 2013

Steadfast Buys Lexington Property for $52M

By Dees Stribling, Contributing Editor

Lexington, Ky.—Steadfast Income REIT Inc. has acquired Forty57, a 436-unit garden-style apartment property in Lexington, Ky., for $52.5 million. The property is currently 88 percent occupied.

Forty57 was developed in four phases beginning in 2008 and completed in 2012. The property consists of 19 three‐story buildings offering one-, two- and three-bedroom apartments and townhomes with rents averaging $860.

Common amenities include a clubhouse with a computer café, wifi and coffee bar; two resort-style outdoor pools with a sundeck; a 40-seat movie theater; volleyball court; and putting green. Unit amenities include offers 9-foot ceilings, garages and Roman soaking tubs.

According to Reis Inc., the apartment vacancy rate in metro Lexington during the third quarter of 2012 was 5.8 percent, down 20 basis points compared with the previous quarter. Average rents for the market were up 0.7 percent quarter-over-quarter.

Forty57 is the sixth Kentucky property acquired by Irvine, Calif.-based Steadfast, but its first in Lexington. The REIT also owns five apartment properties in Louisville acquired in 2011 and 2012. With the latest acquisition, Steadfast now has over 5,600 apartment units in nine states.