Steadfast Income REIT, Inc. (SIR) recently announced that it has added two properties to its portfolio. The non-traded REIT, which targets established, stable apartment communities, closed its initial public offering on December 20, 2013. The two latest transactions have an aggregate purchase price of approximately $42 million.
The company acquired Reserve at Creekside Village, a 192-unit multifamily residential community located in Chattanooga, Tennessee. The property sits on approximately 36 acres and was purchased for an aggregate price of $18.875 million. It is 91% occupied and average in place rents are $965.
This is the REIT’s first property in Chattanooga.
SIR also purchased Mapleshade Park in Dallas, Texas. The acquisition consists of a 148-unit garden-style community and is 96% occupied. Mapleshade was acquired for an aggregate purchase price of $23.325 million.
The addition of Mapleshade brings the REIT’s Texas portfolio to 24 properties.
Sponsored by Steadfast REIT Investments, SIR has invested over $1.5 billion in 65 apartment communities across the Midwestern and Southern United States.