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Steadfast Apartment REIT III Buys Virginia Multifamily Property

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has purchased Cottage Trails at Culpepper Landing located in Chesapeake, Virginia.

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, has purchased Cottage Trails at Culpepper Landing, a 183-unit Class A multifamily community located in Chesapeake, Virginia, for approximately $30.1 million.

“We are very pleased that our first Virginia property is in the Hamptons Roads MSA, an area that was particularly attractive to us due to its expanding employment opportunities within the military and healthcare industries. We believe this area will continue to flourish and provide more potential opportunities in the future,” said Ella Neyland, president of Steadfast Apartment REIT III.

Completed in 2015, Cottage Trails includes 8 three-story buildings with one-, two- and three-bedroom apartment homes that average 1,082 square feet. In-place rents average $1,294 per month and the community currently is 91.8 percent occupied.

Cottage Trails amenities include a clubroom with catering kitchen, saltwater swimming pool, 24-hour fitness room, dog park, playground, residential storage units, cyber café and grilling areas. Unit features include nine-foot ceilings, Energy Star appliances, garden tubs, and walk-in closets.

The company plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms when turning apartments between residents. Select enhancements will also be made to amenities and common areas including renovating and updating the clubhouse and cyber café, installing bike racks and enhancing the grilling areas.

Steadfast Apartment REIT III was formed to acquire and operate a portfolio of institutional-quality multifamily and senior-living apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles.

The REIT’s primary offering was declared effective by the SEC in February 2016 and has raised $184.4 million in investor equity since inception. The company’s portfolio is comprised of 10 multifamily properties purchased for a combined $400 million.

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