Steadfast Apartment REIT Hits $1B in Assets
- Nov 04, 2015
Irvine, Calif.—With the acquisition of a new community in the Chicago area, Steadfast Apartment REIT reached $1 billion in assets.
The REIT picked up Meadows at River Run, a 374-unit apartment community in Bolingbrook, Ill. – just 25 miles outside the Chicago Central Business District – for $58.5 million.
“Over the past 18 months, we believe that Steadfast Apartment REIT has amassed a portfolio of quality apartment communities in prolific markets that embody the live-work-play environment that residents seek,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “We are exceedingly pleased with how our portfolio looks today and offer our continued thanks to our shareholders who have shown their commitment to the Steadfast business plan.”
Meadows at River Run offers one-, two- and three-bedroom apartment homes varying in size from 670 to 1,262 square feet. Built in 2001, community amenities include full-size washers and dryers, walk-in closets, wood-burning fireplaces, garages, a resort-style pool, 24-hour fitness center, business center and pet park. Average in-place rents at the 93.6 percent occupied property are $1,271.
Steadfast will conduct a moderate value enhancement plan at the property. Interior improvements will be completed when turning the apartment homes between residents and will include new lighting, plumbing, stainless steel appliances, faux wood blinds and upgraded countertops.
Bolingbrook has an average household income in excess of $91,000 and offers residents a choice of retail and entertainment centers along with convenient access to downtown Chicago.
This is the second Chicago-area property for Steadfast Apartment REIT. Earlier this year, it acquired Randall Highlands in North Aurora. These latest acquisitions put the REIT at a total of more than 8,500 units in Alabama, Georgia, Illinois, Indiana, Kentucky, Missouri, Oklahoma, South Carolina, Tennessee and Texas.