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1/05/17
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Steadfast Apartment REIT III Inc (STAR III) has closed its third acquisition, paying $44.5 mil ($174k/unit) for Canyon Resort at Great Hills, a 256-apartment-home community located in Austin, TX.
Built in 1997, Canyon Resort includes 12 three-story buildings with one-, two- and three-bedroom garden-style apartment homes that average 983 sf in size. In-place rents average $1,335 per month and the community is currently 94.5 percent occupied.
The community’s amenities include a resort-style pool with spacious sundeck, fitness center, BBQ area, business center, detached garage parking and extensive hiking trails. Every apartment home in the community features nine-foot ceilings, washers and dryers, and private balconies or patios. Additionally, select units feature fireplaces, hardwood flooring and attached garages.
Approximately 50 percent of the apartment homes were recently renovated by the previous owner to include an upgraded appliance package, tile backsplash and upgraded lighting fixtures. As part of its Value Enhancement Strategy, STAR III plans to renovate the remaining units when turning the apartments between residents to include quartz countertops, new plumbing fixtures and vinyl flooring to all the apartment homes.
Canyon Resort sits on the edge of a scenic and mountainous nature preserve, but is close to The University of Texas at Austin, a major central business district and top‐tier retail and commercial destinations including The Domain and The Arboretum.
The business campuses of Apple, IBM, National Instruments, BMC Software, Time Warner Cable and the Seton Northwest Medical Center are also within a ten-minute commute.
STAR III believes the Austin area is well-positioned for long-term success, having been ranked “The City Most Likely to Prosper Over the Next Decade” in 2016 by Forbes and the number two “Most Stable Housing Markets in The U.S.” by Freddie Mac in 2015.
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