Steadfast Apartment REIT Closes on 702-Unit Multifamily Buy in South Carolina
Steadfast Apartment REIT Inc. purchased Arbors at Brookfield, a 702-unit multifamily residential community located in the Greenville suburb of Mauldin, SC. The property was purchased from a third-party seller for $66.8 million, exclusive of closing costs.
“Arbors at Brookfield is a strong addition to the Steadfast Apartment REIT portfolio,” said Ella Neyland, president of Steadfast Apartment REIT. “Located in a thriving submarket with positive fundamental gains, we believe it represents a quality asset with untapped potential.”
Arbors at Brookfield was constructed in four phases between 1989 and 1997 and consists of 35 two- and three-story garden-style buildings situated on an approximately 50-acre site. The property is comprised of 256 one-bedroom apartment homes, 342 two-bedroom apartment homes and 104 three-bedroom apartment homes that average 1,035 square feet with an average monthly rent of $766, as of June 29, 2015.
Apartment amenities include spacious floor plans, washer and dryer connections, and private balconies/patios. In addition, select units include wood-burning fireplaces, exterior storage closets, sunrooms and pantry closets. Property amenities include three clubhouses, a fitness center, a sand volleyball court, three swimming pools, a dog park, a car care center, a cyber cafe, a picnic area, a movie theatre, two tennis courts, an outdoor playground and detached garages.
As of June 29, 2015, Arbors at Brookfield was approximately 94.9 percent occupied.
The acquisition of Arbors at Brookfield marks Steadfast Apartment REIT’s entry into South Carolina. As The DI Wire reported earlier this week, the REIT entered the Denver market as well with the purchase of two apartment communities for $91 million. To read more, click here.
Steadfast Apartment REIT has invested more than $687 million in 18 apartment communities in nine states. The REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, CA-based group of affiliated real estate investment and operating companies that acquire, develop, and manage real estate in the U.S. and Mexico.
