Steadfast Apartment REIT Continues TX Buys, Snagging 331-Units Near Dallas
Irvine, CA-based Steadfast Apartment REIT has purchased Lakeside at Coppell, a 315-unit apartment community located in the Dallas suburb of Coppell, TX. The REIT now has invested approximately $993 million in 25 communities containing 8,206 units in 11 states. It owns 2,007 units in the state of Texas.
Ella Shaw Neyland, president of Steadfast Apartment REIT, says that the property is a “quality asset” and says it has “tremendous potential.”
The property is approximately 35 minutes northwest of the Dallas Central Business District. Neyland adds that the property “is located in the fourth largest metro in the country. Nearly 116,900 jobs are expected to be created in the market this year.”
Constructed in 1999 on an expansive 35 acres, Lakeside at Coppell is comprised of 45 two-story apartment buildings boasting one-, two-, three- and four-bedroom configurations. Residents enjoy spacious layouts that average 1,221 square feet and amenities including private, attached garage, washer-dryer connections, mahogany cabinetry, granite countertops and stainless steel appliances.
The property was 96.2 percent occupied as of October 6, 2015, and has average in-place rents of $1,698. Additional on-site amenities include a clubhouse, swimming pool, basketball court, sand volleyball court, tennis court, jogging trail, health club with aerobic studio and classes, billiards room, executive business center, playground and community garden.
The city of Coppell is well-located within the Dallas-Fort Worth Metropolitan Statistical Area and its residents benefit from prominent regional employers, including the Dallas-Fort Worth International Airport and the Las Colinas office park, the largest office development in the metro area, which employs nearly 105,000 people. Additionally, Fedex and Toyota recently revealed plans to relocate their headquarters to the area, bringing approximately 7,200 additional jobs to the market.
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 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 US and Mexico.
Just last month, as The DI Wire reported, Steadfast Apartment REIT bought Foundations by the Vineyard, a 354-unit multifamily community in the Fort Worth suburb of Euless, Texas for $52.2 million. Earlier in September, the company also recently invested $117 million in three multifamily communities in Texas for a combined purchase price of $117.3 million.
