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11/18/13
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Steadfast Income REIT Inc completed a six-property portfolio acquisition in Houston representing 1,692 apartment units. The portfolio was acquired in two phases that closed on October 10 and November 7 of this year. The REIT now has acquired 57 apartment communities in 11 Midwestern and Southern states.
“As the fourth largest city in the nation, Houston has not only sustained the effects of the recession but has continued to lead the nation into the recovery and growth period,” said Ella Neyland, president of Steadfast Income REIT. “In fact, Forbes recently predicted that Houston will be known as ‘America’s next great global city’ with projected job growth over nearly 20 percent in the coming decade.”
All properties in the portfolio were developed by the manager and seller, Atlanta-based Davis Development, between 2004 and 2008. Five of the properties are in the Cypress and Champions submarkets of northwest Houston, and one property is in the prestigious Kingwood master-planned development in the northeast part of Houston. Steadfast represented itself in the transaction, while the seller was repped by ARA’s David Oelfke.
The properties all have similar amenities including in-unit washer/dryers, walk-in closets, crown molding, vaulted ceilings and a complete appliance package in the kitchens. Residents are also able to enjoy community amenities that include a clubhouse, swimming pool, business center, barbeque areas, fitness center and remote access gates.
Villas at Huffmeister, Waterford Place at Riata Ranch, Carrington Place and Carrington Park are all in Cypress and offer one-, two- and three-bedroom garden-style apartment homes. All four properties offer a mix of spacious floor plans averaging approximately 1.1k sf of space, and the properties are all well leased with occupancies in the mid- to high-90 percent range.
Carrington at Champion Forest is a 284-unit property located in the Champions submarket consisting of one, two and three-bedroom units with average in-place monthly rents of $1,016.
Villas of Kingwood is a 330-unit garden-style property located in the prestigious master-planned community of Kingwood. The property offers 18 different floor plans and almost 80 percent include an attached garage. Villas of Kingwood is 93 percent occupied and has in-place monthly rents of $1,140.
All six of the properties present a value-enhancement opportunity and Steadfast plans to complete interior upgrades that will include pendant lighting in the kitchen, vinyl wood plank flooring, Berber carpet, and designer accent walls in the dining room and living room. Steadfast plans to complete the interior upgrades when turning the units between residents.
With these latest acquisitions, the REIT has acquired nearly 14,000 apartment units in Alabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas purchased for over $1.3 bil.
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