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TEXAS/SOUTHWEST NEWS
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Steadfast Apartment REIT Picks Up Over 1,000 Res Units in Missouri and Texas

9/03/15

Steadfast Apartment REIT recently purchased four apartment communities totaling 1,072 units in two separate transactions for an aggregate purchase price of $157 mil. Steadfast plans to implement a revitalization strategy at the newly acquired properties, located in Missouri and Texas, and will complete interior upgrades when turning the units between residents.

The REIT now has invested approximately $844.3 mil in 22 apartment communities containing 7,237 units in 10 states.

In Missouri, Steadfast purchased Carrington Park in Kansas City. Located 15 minutes north of downtown, Carrington Park offers 298 apartment homes in one-, two- and three-bedroom configurations that average 1.1k sf in size. Each unit is equipped with a chef’s kitchen, black appliance package, nine-foot ceilings with crown molding, walk-in closets, home intrusion alarm, ceiling fans and full-size washer/dryer. Forty-four apartments come with an attached garage, with seven additional detached garage buildings containing 42 parking stalls.

The 38-acre property maintains an array of onsite facilities, including a fitness room, resident entertainment center with billiards, playground, resort-style swimming pool, auto detailing bay, BBQ grills and dog park. Carrington Park is currently 98% occupied.

Given the good condition of the property, Steadfast plans to execute a modest value enhancement plan that will include limited interior improvements, common area upgrades and the construction of 30 additional detached garages.

Carrington Park affords residents easy access to some of the region’s largest employers and retailers, such as St. Luke’s Northland Hospital, Ford Motor Co. and Zona Rosa, a 1.3 msf retail center. Kansas City is projected to have an increase of 75,000 – 100,000 residents over the next decade, due to the Twin Creeks infrastructure improvement currently underway that will transform 13,000 acres of previously undevelopable land into buildable commercial and residential sites.

Steadfast Apartment REIT also expanded its presence in Texas by acquiring three properties within the Dallas/Fort Worth/Arlington Metropolitan Statistical Area (“MSA”).
One of the properties, Kensington by the Vineyard, is a 259-apartment community located in the city of Euless—approximately 30 and 20 minutes from the Dallas and Fort Worth central business districts, respectively. Constructed in 1997 on 14.7 acres, the complex comprises a leasing office, maintenance building and 37 two-story apartment buildings boasting one-, two-, three- and four-bedroom layouts. Units average 1.1k sf in size with average in-place monthly rents of $1,552. Kensington by the Vineyard is 95.8% occupied as of August 24, 2015.

On-site amenities include three swimming pools, a business center, picnic and BBQ area, 24-hour health club, coffee and tea bar, tennis court, playground and walking and jogging trails. Steadfast Apartment REIT plans to make moderate exterior upgrades and rebrand the property.

Another Texas acquisition, ten miles west of Kensington by the Vineyard, is The Delano at North Richland Hills in North Richland Hills. This 263-apartment community offers a healthy mix of one-, two-, three- and four-bedroom apartment homes in eight different layouts ranging from 722 sf – 2k sf. Average in-place rents are $1,287. Delano at North Richland Hills is currently 97.3% occupied.

Completing the resident experience is an assortment of amenities that include a swimming pool, sand volleyball court, 24-hour fitness center, playground, picnic area and business center. Most units come with an attached garage.
A heavy revitalization is planned for The Delano at North Richland Hills unit interiors, as well as moderate exterior enhancements and rebranding of the property.

Located within the same city, The Meadows at North Richland Hills features 252 units in two-, three- and four-bedroom designs that average 1.1k sf with average in-place rents of $1,209. Currently 97.6% occupied, this circa-1999 property offers a full amenity package comprised of a 24-hour fitness center, sand volleyball court, two swimming pools, dog park, basketball court, tennis court, picnic area with BBQ stations and a playground.

Steadfast Apartment REIT will launch a heavy revitalization strategy to update the unit interiors and common areas, and will rebrand the property.

The Dallas/Fort Worth/Arlington MSA is the largest MSA in the South and the fourth largest in the country, marked by a steady annual population growth of approximately 2% over the past decade. Additionally, the metro boasts a strong five-year employment growth of 12.6%, projecting to add 116,500 new jobs in 2015 alone. As of May 2015, the Dallas MSA unemployment rate was 3.8%, well below the 5.5% national average.

“The Dallas/Fort Worth/Arlington MSA is a very prolific market in terms of economic growth,” said Neyland. “A few of its major employers include AT&T, JPMorgan Chase, Exxon Mobil, Neiman Marcus and airline companies, which should help support apartment demand and fundamentals. In fact, Axiometrics projects rents to grow in the Dallas/Fort Worth/Arlington MSA by 3.5% annually in the next five years.”






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