Dallas—Steadfast Apartment REIT announced the purchase of Lake Ray Hubbard, a 334-unit, garden-style multifamily community in Rockwall, Texas. Located at 1650 John King Blvd., the property boasts 42 two-story buildings completed in 2009, and offers one-, two-, three- and four-bedroom floorplans averaging 1,118 square feet.
Each apartment home features a complete appliance package, personal balcony or patio, ceiling fans, washer and dryer connections, fireplaces and hardwood floors in select units. Steadfast plans to upgrade 75 percent of apartments that do not have high-end finishes such as stone countertops and tile backsplashes. The community, which is being renamed Sixteen50 @ Lake Ray Hubbard, is the only one in the Dallas suburb to offer a garage for every apartment home.
Common amenities include a swimming pool, hot tub, steam room and dry sauna, a third-party managed on-site spa, fitness center, sand volleyball court, community pond, dog park, central park and playground, barbecue and picnic area and business center. Residents also have access to the open space along Lake Ray Hubbard for fishing, boating and sailing.
Median rent is $1,603 and demand is expected to be healthy, as there are few such communities in the suburb. The asset boasted an occupancy rate of 96 percent at the time of sale.
Sixteen50 @ Lake Ray Hubbard is located near Plano, home of the Legacy West development, Toyota’s new North American headquarters, Liberty Mutual’s regional hub and JPMorgan Chase’s new office campus. This is Steadfast Apartment REIT’s eighth property in the state of Texas.