Steadfast Apartment REIT Surpasses $1 Billion in AUM with Illinois Investment

Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust, has purchased Meadows at River Run, a 374-unit apartment community in the Chicago suburb of Bolingbrook, Illinois for $58.5 million. With this acquisition, Steadfast Apartment REIT has acquired more than $1 billion in assets.

“Over the past 18 months, we believe that Steadfast Apartment REIT has amassed a portfolio of quality apartment communities in prolific markets that embody the live-work-play environment that residents seek,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “We are exceedingly pleased with how our portfolio looks today and offer our continued thanks to our shareholders who have shown their commitment to the Steadfast business plan.”

Built in 2001, the Meadows at River Run offers one-, two- and three-bedroom apartment homes ranging between 670 and 1,262 square feet. Community amenities include full-size washers and dryers, walk-in closets, wood-burning fireplaces, garages, a resort-style swimming pool, 24-hour fitness center, business center and pet park. Average in-place rents at the 93.6 percent occupied property are $1,271.

Located 25 miles outside of the Chicago central business district, the suburb of Bolingbrook has an average household income in excess of $91,000 and offers residents a choice of retail and entertainment centers as well as convenient access to downtown Chicago.

Steadfast Apartment REIT will initiate a moderate value enhancement plan at the property. Improvements to interiors will be completed when turning the apartment homes between residents and will include new lighting, plumbing, stainless steel appliances, faux wood blinds and upgraded countertops.

This is the second Chicago-area property for Steadfast Apartment REIT. Earlier this year it acquired Randall Highlands in North Aurora. With these latest acquisitions, the REIT has acquired more than 8,500 units in Alabama, Colorado, Georgia, Illinois, Indiana, Kentucky, Missouri, Oklahoma, South Carolina, Tennessee and Texas.

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, California-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.

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