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10/05/16
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Steadfast Apartment REIT recently acquired its eighth Texas property: Lake Ray Hubbard, a garden-style apartment community with 334 apartment homes in Rockwall, a submarket located 25 miles northeast of Dallas. The price was not disclosed.
Built in 2009, Lake Ray Hubbard was 96% occupied at the time of sale. It consists of 42 apartment buildings housing one-, two-, three- and four-bedroom floorplans that average 1.1k sf in size. Rents average $1,603/month. The Lake Ray Hubbard community is being renamed to Sixteen50 @ Lake Ray Hubbard.
Each apartment home features a complete appliance package, personal balcony or patio, ceiling fans, washer and dryer connections, and fireplaces and hardwood floors in select homes. Additionally, Lake Ray Hubbard is the only apartment community in the suburb to offer either an attached or detached garage for every apartment home.
Residents have access to extensive amenities, which include a swimming pool with cascading waterfall, 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. Additionally, the city recently added public open space along Lake Ray Hubbard for fishing, boating and sailing—an added perk for Lake Ray Hubbard residents.
Steadfast Apartment REIT intends to initiate a value enhancement strategy at the property. At the time of development, approximately 25 percent of the apartment homes were built with high-end finishes such as hardwood flooring, stone countertops and tile backsplashes. Steadfast will upgrade the remaining units to be on par with the high-end units. Improvements will be completed on unit turn in order to limit disruption at the property.
Lake Ray Hubbard is located in a submarket that is positioned for long-term growth. The 2016 average household income within a one-mile radius of the property is estimated to be $94,450, making the current rents very attractive to those looking for quality apartment living. In nearby Plano, the $3.2 bil, 255-acre Legacy West development is projected to bring in 20,000 jobs in the next few years and will be home to Toyota’s new North American headquarters, a regional hub for Liberty Mutual, and an office campus for JPMorgan Chase. The apartment community lies within the Rockwall Independent School District, which earned the highest district rating achievable by the Texas Education Agency this past year.
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