Steadfast Buys San Antonio-Area Asset for $34.6M

Steadfast Income REIT closes a 288-unit buy; Kislak Company brokers two sales in Pensacola, Fla.; and UC Funding provides a $4 million investment to facilitate a recapitalization in Florida.

Fairmarc Apartments

Fair Oaks Ranch, Texas—Steadfast Income REIT Inc. has bought Vantage at Fair Oaks, a 288-unit garden-style community located in the San Antonio suburb of Fair Oaks Ranch, Texas. The sales price was $34.6 million.

“We believe this represents a unique opportunity for us to acquire a newly constructed, high-quality asset in a desirable submarket,” says Ella Shaw Neyland, president of Steadfast Income REIT. “The property has an excellent location with immediate access to Interstate 10, and Fair Oaks Ranch and the greater San Antonio market provide a diverse employment base that is positioned for continued economic growth.”

The community was built by Vantage Communities in 2012 and is being renamed to Fairmarc Apartments as part of an agreement with the seller. The asset is 93 percent occupied with in-place rents that average $967. Amenities include a swimming pool, fitness center, dog park and clubhouse with an Internet/coffee lounge.

Steadfast had a busy end to 2012 with $100 million in acquisitions. The REIT now has invested over $600 million in 31 apartment communities in 10 Midwestern and Southern states.

Kislak Company brokers two Pensacola sales

Ashley Club Apartments

Pensacola, Fla.—Kislak Company Inc. has brokered two sales totaling $19.6 million in Pensacola, Fla. The assets—Ashley Club Apartments and Arbor Club Apartments—total 392 units. The seller was a partnership that owned the properties for more than 20 years. The buyer was a large national owner and operator of multifamily properties. The properties are located approximately five miles apart in suburban Pensacola near the city’s downtown and beaches.

“Pensacola, with its growing population, expanding regional airport, strong local economy and pristine beaches, garnered the attention of regional, national and Canadian investors,” says Joseph Keenan, sales associate at Kislak.

Keenan worked with president Robert Holland and senior vice president Matt Weilheimer on the sale.

UC Funding invests $4M into Florida asset

Fort Walton Beach, Fla.—UC Funding LLC has funded a $4 million investment to facilitate a recapitalization of the ownership group of a 267-unit Class A property in Fort Walton Beach, Fla. The property is in close proximity to Eglin Air Force Base.

“Our borrower had the opportunity to purchase the equity interests of his partners at a discounted price,” says Dan Palmier, president of UC Funding. “We pride ourselves on seeing value of our partners and are able to creatively structure around issues that other groups cannot. This first time client came to us after doing extensive research on our company. We then delivered a capital solution quickly and efficiently.”