Steadfast Income REIT, a non-traded REIT sponsored by Steadfast REIT Investments, recently announced that it has acquired a 222-unit multifamily residential community located in Fort Wayne, Indiana. The property, known as Oak Crossing, was acquired for an aggregate purchase price of $24.23 million, excluding closing costs.
The acquisition was funded through a combination of the remaining proceeds from the company’s initial public offering and a loan in the aggregate principal amount of $15,762,000 from PNC Bank, National Association.
Oak Crossing was built in 2013 and is 94% occupied. It has 12 garden-style buildings with one, two, and three-bedroom units, each averaging 1,000 square feet. Average in-place rents are $952. Each unit comes with a private balcony/patio, washer and dryer, walk-in closets, and kitchen appliances. Some come with attached garages, and there are also detached garages available for rent. Amenities include a fitness center, swimming pool, clubhouse, business center, and grilling area.
“This is a high-quality property located within a mile from the newly built, highly acclaimed Parkview Regional Medical Center,” commented Ella Shaw Neyland, president of Steadfast Income REIT. “We believe the market’s long-term apartment performance outlook looks promising and bright,” she added.
Oak Crossing is located along what is known as the Dupont corridor. It is near many shopping and dining destinations and within 5 miles of nearly 5,000 businesses. It is also near interstate 69, which provides easy access to Indianapolis.
The REIT closed to new investors in December 2013 after raising gross proceeds of $745,389,748. It has invested over $1.6 billion in 67 apartment communities in 11 states. It targets established, stable apartment communities with operating histories that show consistently high occupancy and income levels. With the addition of Oak Crossing, the REIT has acquired approximately 16,700 units in Alabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas.