Steadfast Apartment REIT Buys Kansas City Multifamily Property for $40 Million

Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust sponsored by Steadfast REIT Investments LLC, acquired a fee simple interest in Carrington Park, a 298-unit multifamily residential community located in Kansas City, Missouri. The company acquired the property for an aggregate purchase price of $39.7 million, excluding closing costs.

The acquisition was financed with a combination of proceeds from the company’s ongoing public offering and a loan in the aggregate principal amount of $29.6 million from Berkeley Point Capital LLC.

Steadfast Apartment REIT is a real estate investment trust sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies. As of June 30, 2015, Steadfast Apartment REIT owned 18 multifamily properties comprising a total of 6,165 apartment homes valued at $687.3 million, based on aggregate purchase price.