Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust, purchased Stoneridge Farms, a 336-unit apartment community in Nashville’s Smyrna submarket for $47.75 million—bringing its total acquisition activity to $1.2 billion. The REIT now owns 617 units in the state of Tennessee, for a total of 9,858 units in 11 states.
Constructed in 2005, Stoneridge Farms is a gated apartment community offering one, two and three-bedroom apartment homes that average 1,162 square feet with an average in-place rent of $1,024. Stoneridge Farms is currently 97.6 percent occupied. The apartment homes include breakfast bars, private sunrooms or patios, fireplaces, walk-in closets, washer/dryer connections and detached garages, with select models featuring jetted garden tubs and double vanities.
“2015 was an exceptional year for Steadfast,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “We were in a position to acquire attractive assets such as Stoneridge Farms that we believe meet our investment criteria and long-term growth objectives. As we look to 2016, we will continue to seek new opportunities in key markets, while actively managing our existing portfolio to maximize the return for our investors.”
Property amenities includes a business center, media center, tanning bed, pool and spa, playground, car care center, pet park, lighted tennis court, fitness center and walking/jogging trails.
Steadfast Apartment REIT will implement a moderate value enhancement program at Stoneridge Farms to upgrade all unit interiors. Select enhancements will be made to common areas.
Stoneridge Farms is located Smyrna, one of the fastest growing communities in the Nashville area where the cost of living is 9 percent lower than the U.S. average. Interstate 24 is adjacent to the property, providing residents easy access to retail and various employers, including the Nissan Smyrna Vehicle Assembly and Battery Plant, which employees more than 8,000 people. Additionally, Topre America, General Mills, Interstate Warehousing and Nissan plan to either invest in new facilities or expand current facilities, which will lead to more job creation.
As The DI Wire reported, the REIT recently purchased PeakView by Horseshoe Lake, a 222-unit apartment community in Loveland, Colorado, for $44.2 million.
Steadfast Apartment REIT intends to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.