Steadfast Apartment REIT Acquires Two Austin Assets

Steadfast Apartment REIT acquires 564 units in Austin; Blue Ridge Companies expands its North Carolina portfolio; and Grandbridge Real Estate Capital obtains $12.42 million in equity and a three-year senior loan for multifamily property.
Terrace Cove

Terrace Cove

Austin, Texas—Steadfast Apartment REIT has grabbed two Austin multifamily communities in separate transactions. Club at Summer Valley and Terrace Cove represent the REIT’s third and fourth acquisitions, and bring the total portfolio to 1,047 units with an aggregate purchase price of $87 million.

“The latest U.S. Census figures show that the suburbs around Austin are among the fastest growing cities and counties in the nation, and we are exceedingly pleased to have acquired two well performing, stabilized properties in this booming area,” says Ella Shaw Neyland, president of Steadfast Apartment REIT. “We believe that the properties’ excellent accessibility to Austin’s business district will continue to attract many residents to the area.”

The Cove at Summer Valley

Club at Summer Valley

Club at Summer Valley is a 260-unit community that was built in 1983 on nine acres. It is currently 98 percent occupied. Amenities include a fitness center, two swimming pools and a dog park.

Terrace Cove is a 304-unit community that sits two miles east of Club at Summer Valley. It was built on 13 acres in 1986 with an amenity package that includes a fitness center, pool, and two hot tubs. It is also 98 percent occupied.

Local employers for both assets include the University of Texas at Austin, IBM, Dell, St. David’s Healthcare, Seton Healthcare Network and the corporate headquarters of Whole Foods.

Steadfast Apartment REIT intends to acquire a diverse portfolio of well-positioned assets in markets that have shown high occupancy and income levels across market cycles. For a detailed look into REIT’s strategy, read MHN’s interview with Ella Shaw Neyland.

Blue Ridge grabs 299 units in Greensboro

Greensboro, N.C.—Blue Ridge Companies of High Point, N.C., has acquired Brannon Park, a 299-unit garden-style community located in Greensboro, N.C. The new addition brings Blue Ridge’s Triad-area portfolio to 14 properties that total 3,012 units.

“Situated on an attractive setting with two lakes and mature landscaping, Brannon Park is very appealing to residents,” says Tami Fossum, vice president at Blue Ridge. “This gated community has that wonderful feel of a nice, quiet neighborhood, and is located in the heart of northern Greensboro.”

On site amenities include a playground, grilling area, an indoor swimming pool, business center, a 24-hour fitness center, basketball and tennis courts, and a clubhouse with recreation room and billiards.

Grandbridge obtains $12.42M in equity, three-year senior loan for property

Kansas City, Kan.— Grandbridge Real Estate Capital recently closed a $12.42 million first mortgage loan secured by Summerset Apartments, a 12-building, 280-unit garden-style multifamily property in Independence, Kan.

The acquisition was originated by Kansas City-based Senior Vice President Joe Platt. Structured with a three-year term on a 22-year amortization schedule, funding for the loan was provided by one of Grandbridge’s commercial bank lenders and Ameritas Investment Partners.

“This was a debt and equity placement. Our bank lender provided $7.2 million with Ameritas investing $5.25 million,” explains Platt.

Property amenities include wood burning fireplaces, built-in bookcases and double vanities in bathrooms in select units, as well as a clubhouse with management offices, party room, kitchen and fitness facility, three tennis courts, sauna, changing rooms and an indoor pool with retractable pools to open in the summer.