Steadfast Apartment REIT Buys Nashville Multifamily Property for $110 Million

Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust, purchased Landings of Brentwood, a 724- apartment home community located in the Brentwood submarket of Nashville, Tennessee for $110 million.

“Landings of Brentwood is located within one of Nashville’s most desirable markets, boasting an average household income of $132,000 and a top-ranked school district,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “Additionally, we believe Nashville’s broad economic base and its appeal to relocating businesses should keep job growth healthy.”

Originally constructed in three phases between 1986 and 1989, the 117-acre property has 41 residential buildings offering one-and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied.

Each apartment home features walk-in closets, a washer and dryer, extra storage, balcony or patio, and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center.

Steadfast Apartment REIT plans to implement a significant value enhancement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware, and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping and volleyball court.

The REIT now owns 32 properties in 11 states for a total purchase price of $1.38 billion.

Steadfast Apartment REIT invests in apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. The company terminated its offering March 2016 after raising $725 million in investor equity.

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