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May. 29, 2014

Steadfast Buys Nashville Apartments for $35.2M

By Eliza Theiss, Associate Editor

Richland Falls

California-based Steadfast Income REIT continues its Tennessee apartment buying spree with the fourth purchase in the state and the third in metro Nashville in eight months. Steadfast’s latest acquisition is the 176-unit Village at Spring Hill, which it purchased for $14.2 million from Villages at Spring Hill LP, according to the Nashville Business Journal. Brentwood-based The Kirkland Co. brokered the $80,680 per unit sale. Located in Nashville’s Spring Hill submarket, the community comprises one-, two- and three-bedroom apartments. According to apartmentguide.com the community’s amenities include a 24-hour fitness center with sauna, swimming pool, lighted tennis court, pet park, playground and picnic area with grills.

The California investor also purchased the 190-unit Richland Falls community in Murfreesboro, TN, paying $21 million for the community only two weeks ago. The newly constructed community comprises nine multi-story buildings totaling 190 one-, two- and three-story apartments averaging 1,026 square feet and average in-place rents of $892. Richland Falls comprises 18 acres, part of which has the ability of holding an additional 86-unit phase. Amenities include a fitness center, outdoor swimming pool, dog park, billiards lounge and business center.

“Steadfast Income REIT’s acquisition focus has been to focus on properties in flourishing markets,” said Ella Shaw Neyland, president of Steadfast Income REIT. “Murfreesboro and the Nashville area are high on national rankings for economic strength, attractiveness to business, population growth and job growth.”

Cantare at Indian lake

With the acquisition of Richland Falls and Village at Spring Hill, Steadfast now owns 67 communities in 11 Southern and Midwestern states. Barring the latest acquisitions, the company’s Nashville portfolio includes the 206-unit Cantare at Indian Lake, 90-unit Keystone Farms and 256-unit Audubon Park. According to The Tennessean, Steadfast picked up Cantare for $29 million, while Keystone was bought for $8.4 million.

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