Steadfast Income REIT Acquires Three Apartment Communities
- Oct 07, 2013
Nashville, Tenn.—Steadfast Income REIT has added another $97 million in assets to its portfolio with the acquisition of three apartment communities. Watermark at Indian Lake Village in Nashville, Broadstone in Ashwood in Dallas and The Heights Apartments in Houston are now among the REIT’s 51 apartment communities.
“With these acquisitions we have already eclipsed our transactions volume from last year with over $500 million in purchases,” says Ella Shaw Neyland, president of Steadfast Income REIT.
- Watermark at Indian Lake Village is a newly built, 206-unit community that is currently 92 percent occupied. The seller was Watermark Residential. The asset represents Steadfast’s second purchase in Nashville. Amenities include a clubroom with televisions, kitchen and coffee bar, a swimming pool, fitness center and grilling areas. Steadfast renamed the asset Cantare at Indian Lake Village.
- Broadstone Ashwood is a 336-unit property located in the Dallas suburb of Mansfield, Texas. The asset is 96 percent occupied and includes a clubhouse with demonstration kitchen, swimming pool and spa, a business center and fitness center. The asset is the sixth property that Steadfast has acquired in the Dallas/Fort Worth Metroplex. Steadfast has renamed the asset The Landing at Mansfield.
- The Heights Apartments is Steadfast’s first Houston-area property. It consists of 504-units, 80 percent of which have been renovated. Amenities include a clubhouse, controlled access gates, four swimming pools, a dog park and a resident concierge.
ARA Dallas brokers a 419-unit portfolio sale
Dallas—The Dallas office of ARA has arranged the sale of McCallum Glen and The Courts of McCallum, a 419-unit portfolio located near the University of Texas at Dallas. The Busboom Group was the buyer.
“We’re very excited to complete our first acquisition in Dallas, and we hope to keep doing business in Texas for many years to come as we transition our assets from Colorado,” says Jason Busboom of the Busboom Group.
McCallum Glen was built in 1985, while The Courts of McCallum was completed in 1984. The two Class B assets are close to major employment centers and retail opportunities.
NorthMarq arranges financing of $10.24M for mixed-use project
Boulder, Colo.—In 2012 NorthMarq was engaged as a financial consultant by Pedersen Development Company to arrange financing of the development of a complicated mixed-use transit-oriented (TOD) project in Boulder, Colo. The site consists of a 3.2 acre site on the north side of Pearl parkway, just east of 30th Street. Stephen P. Bye, executive vice president and senior managing director of NorthMarq, subsequently arranged a construction/permanent loan of $10.24 million for 71 affordable apartment units and 100 parking spaces within a 390-car parking structure.
The project involved the collaboration of Pedersen Development Company, the City of Boulder and the Regional Transportation District (RTD) in a private-public partnership for the development of a new underground rapid transit bus terminal, a 390-car parking structure, the 71 apartments, a 150-room hotel that will be built and operated as a Hyatt Place, and finally, the renovation of the 5,000 square foot historic railroad depot. The master plan also includes the construction of a new street (Junction Place) and traffic lights at the intersection with Pearl Parkway, as well as the widening of Pearl Parkway. The underground bus facility, parking structure, and apartments will be owned through a condominium regime and the other building components will involve common area elements. The project, expected to be completed in 2015, will achieve a LEED ND certification and will utilize low impact development techniques including renewal energy with solar panels.
Pedersen Development Company is a Boulder-based firm headed by Scott Pedersen, along with his partner Jeff Shanahan.