Steadfast REIT Snags Dallas-Area Community for $44M
- Jun 05, 2017
Steadfast Apartment REIT III Inc. acquired The Pointe at Vista Ridge, formerly known as Enclave at Vista Ridge, for $44 million from Preferred Apartment Communities.
Located at 2701 MacArthur Blvd. in the Northern Dallas submarket of Lewisville, the 300-unit community comprises one-, two- and three-bedroom floorplans ranging from 680 to 1,292 square feet across it 11, three-story buildings. Originally completed in 2003, the property is currently 94.3 percent occupied. Apartment interiors include nine-foot ceilings, washer and dryer connections, faux granite countertops, private balcony and patios, crown molding, ceiling fans and fireplaces in select units. Residents have access to amenities such as a resort-style pool with outdoor kitchen, a playground, outdoor barbecue grills, a sand volleyball court, game room with billiards and game station, a tanning bed, covered carports, 620 parking spaces, a 24-hour fitness center, clubhouse with resident lounge and theater, a business center, walking trails, a pet park and washing area, a spa, laundry facilities, outdoor storage and a car-washing station.
“Dallas is a growing region with demographic trends that are a good fit for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” said Ella Neyland, president of Steadfast Apartment REIT III Inc. “Additionally, The Pointe at Vista Ridge enjoys an ideal location in the midst of a thriving neighborhood with numerous lifestyle amenities for our current and future residents.”
As part of Steadfast’s Value Enhancement Strategy, STAR III will renovate all unit interiors to include an upgraded appliance package, new laminate countertops, new plumbing fixtures, new vinyl wood flooring and carpeting and upgraded lighting. The community is within close proximity to several business parks and local attractions including Frisco Business Parks, Legacy West Development, Legacy and Granite Business Parks, the Platinum Corridor, Vista Ridge Mall and Stonebriar Centre.
“We are very pleased to add Pointe at Vista Ridge to our growing portfolio,” Neyland told Multi-Housing News. “It is a quality asset located in a very desirable submarket of Dallas and we see tremendous opportunity to modernize the apartment homes and amenities to meet the needs of today’s renters.”
With the acquisition of The Pointe at Vista Ridge, STAR III has invested $176 million with five multifamily properties, totaling 1,212 units in Colorado, Georgia, Illinois and Texas.
Image courtesy of Steadfast Apartment REIT III Inc.