Steadfast Income REIT has sold the 350-unit Waterford on the Meadow in Plano, Texas, according to Collin County public records. Greystone originated a $33.6 million Fannie Mae acquisition loan for the new owner, CONTI Org. Per Yardi Matrix data, the asset last traded in 2013 as part of a two-property portfolio that also included Arbors of Carrollton, a 131-unit community in Carrollton, Texas.
Waterford on the Meadow consists of one- and two-bedroom apartments with floorplans raging from 719 to 1,005 square feet, spread across 47 two-story buildings at 1414 Shiloh Road. Completed in 1984, the asset is within the Plano Independent School District, 3 miles of CityLine and roughly 5 miles of the Telecom Corridor, both mixed-use developments in Richardson, Texas. Amenities at the property include three pools and a volleyball court. According to Yardi Matrix, the property was 94.9 percent occupied as of April.
Recently, the Dallas-Fort Worth metro has been very attractive for CONTI Org. In a similar transaction in April, the company purchased a 400-unit community in Carrollton, which is less than 17 miles of Waterford on the Meadow.