Irvine, Calif.—Steadfast Income REIT Inc. has announced the acquisition of a property portfolio that comprises 1,692 apartment units spread over six different properties in the Houston area, bringing the REIT’s acquisition total to 57 communities in 11 Midwestern and Southern states. The two-phase acquisition was closed on October 10 and November 7, respectively. Steadfast represented itself in the transaction and ARA’s David Oelfke represented the seller.
“As the fourth largest city in the nation, Houston has not only sustained the effects of the recession but has continued to lead the nation into the recovery and growth period,” says Ella Neyland, president of Steadfast Income REIT. “In fact, Forbes recently predicted that Houston will be known as ‘America’s next great global city’ with projected job growth over nearly 20 percent in the coming decade.”
All six of the properties were developed by Atlanta-based Davis Development between 2004 and 2008, with four located in the Cypress submarket, one in the Champions submarket and another one in the master-planned community of Kingwood.
The Cypress communities, Villas at Huffmeister, Waterford Place at Riata Ranch, Carrington Place and Carrington Park, offer a one-, two- and three-bedroom mix of floor plans that average about 1,100 square feet. All four of the properties boast occupancy rates in the mid- to high-90 percent range.
Carrington at Champion Forest, located in the Champion submarket, also includes one-, two- and three-bedroom floor plans and has average monthly rent rates of $1,016.
The final property, Villas of Kingwood, includes 330 units with 18 different types of floorplans, about 80 percent of which include an attached garage. It is currently 93 percent occupied.
All of the properties include a variety of amenities including swimming pools, clubhouses, business centers, barbecue areas and fitness centers. Individual units all include washer and dryer, walk-in closets, crown molding, vaulted ceilings and “a complete appliance package in the kitchens,” according to the company.
Steadfast intends to upgrade units at all six properties by adding pendant lighting in the kitchens, vinyl wood plank flooring, Berber carpet and accent walls. Renovations to the units will take place between residents.