Steadfast Apartment REIT Buys Two Properties in 1031 Exchange Transactions
Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, recently sold two multifamily properties and used the proceeds to purchase two additional properties in separate tax-free 1031 exchange transactions.
Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, recently sold two multifamily properties and used the proceeds to purchase two additional properties in tax-free 1031 exchange transactions.
In late December 2019, the REIT sold Club at Summer Valley, a 260-unit multifamily property located in Austin, for $28.1 million. The property was originally purchased in August 2014 for $21.5 million, excluding closing costs.
Earlier this month, Steadfast Apartment REIT also sold Terrace Cove Apartment Homes, a 304-unit multifamily property located in Austin, for nearly $33.9 million. The property was originally purchased in August 2014 for approximately $23.5 million.
The company purchased Eleven10 at Farmers Market, a 313-unit multifamily community located in Dallas, for $61 million with proceeds from the sale of Club at Summer Valley, as well as the September 2019 sale of Randall Highlands, a multifamily property located in North Aurora, Illinois, and a $36.5 million loan.
Eleven10 at Farmers Market was built in 2015 and includes four-story wrap style residential buildings situated on an approximately 4.7-acre site.
Steadfast Apartment REIT also purchased Patina Flats at the Foundry, a 155-unit multifamily/retail property located in Loveland, Colorado, for $44.1 million, excluding closing costs. The REIT financed the acquisition with a combination of cash proceeds from the sale of Terrace Cove Apartment Homes and a $31.3 million advance from its master credit facility with Newmark Knight Frank.
The Patina Flats Property was constructed in 2018 and includes two five-story buildings with both retail and residential homes on the first floor, situated on an approximately one-acre site.
In August 2019, three affiliated non-traded REITs, including Steadfast Apartment REIT, Steadfast Income REIT, and Steadfast Apartment REIT III, agreed to merge to create a combined company with approximately $3.3 billion in total real estate assets.
Steadfast Apartment REIT invests in multifamily properties in targeted markets throughout the United States and owns a $1.8 billion portfolio of 33 apartment communities located in 11 states. The company closed its public offering in March 2016 after raising $793.7 million in investor equity.
