Steadfast Apartment REIT Buys Multifamily Complex Near Dallas

Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust, purchased Lake Ray Hubbard, a 334-unit apartment community in the Dallas suburb of Rockwell, Texas. The purchase price was approximately $66.1 million according to a filing with the Securities and Exchange Commission. The company is renaming the property Sixteen50 @ Lake Ray Hubbard.

Located 25 miles northeast of Dallas, Lake Ray Hubbard is comprised of 42 apartment buildings housing one-, two-, three- and four-bedroom floorplans that average 1,118 square feet. Units include personal balconies or patios, ceiling fans, washer and dryer connections, and fireplaces and hardwood floors in select homes. Rents are priced at an average of $1,603.

“Lake Ray Hubbard is an excellent apartment complex and is well positioned when you compare apartment home sizes, interiors and available amenities to that of other local apartment communities,” said Ella Shaw Neyland, president of Steadfast Apartment REIT.

Built in 2009, Lake Ray Hubbard is 96 percent occupied and features a swimming pool with waterfall, hot tub, steam room and dry sauna, a third-party managed on-site spa, fitness center, sand volleyball court, community pond, dog park, barbecue and picnic area, and business center. Additionally, the city recently added public open space along Lake Ray Hubbard for fishing, boating and sailing.

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.

Steadfast Apartment REIT owns and operates a portfolio of 34 apartment communities located throughout the United States. The company, which closed its public offering in March 2016, raised $712 million in investor equity since inception.

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