Steadfast Acquires Indianapolis Property for $45M
Avery Point Apartments, a 512-unit community, includes 58 two-story buildings with one- and two-bedroom units, and two-bedroom townhomes that average about 900 square feet.
By D.C. Stribling
Steadfast Apartment REIT III Inc. has acquired Avery Point Apartments, a 512-unit community in northeast Indianapolis, for $44.6 million.
Completed in 1986, Avery Point includes 58 two-story buildings with one- and two-bedroom units and two-bedroom townhomes that average about 900 square feet. Rents average $778 per month and the community currently is 94 percent occupied.
Common amenities include a clubhouse and business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, covered parking and a dog park. Units feature fully equipped kitchens, private patios and balconies, private entrances, walk-in closets and fire places.
Steadfast Plans Value-Add Play With New Acquisition
STAR III plans to renovate 75 percent of units in the community, as the other 25 percent were recently renovated by the previous owner. The renovation will include upgrades to kitchen appliances, cabinet fixtures, faucets, kitchen counters and bedroom carpets. STAR III also plans on upgrading common areas and amenities, including enhancements to landscaping, signage and the fitness center.
“We believe the Indianapolis area is a perfect 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. “Particularly, the community is located in the far north side of the city, which is one of the most affluent areas.”
With the acquisition of Avery Point, STAR III has invested more than $362 million in nine multifamily properties in Colorado, Georgia, Illinois, Indiana and Texas, totaling 2,592 units. STAR III is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Cos., an Orange County, Calif.-based group of real estate investment and operating companies.
