Forty57 in Lexington Ky
Forty57 in Lexington, Ky.

Steadfast Income REIT Buys Five Apartment Communities for $115M

Steadfast Income REIT Inc. bought five apartment communities for an aggregate purchase price of approximately $115 million.

On Dec. 20, Steadfast purchased Forty57 in Lexington, Ky. for $52.5 million. The property was completed in phases between 2008 and 2012 and is currently 88 percent occupied.

On Dec. 28, Steadfast purchased South Pointe at Valley Farms, a community located on a 26-acre site in Louisville, Ky., for $5.275 million. South Pointe features 32 apartment homes, a clubhouse community building and fully entitled land slated for additional development.

In addition, Steadfast bought Keystone Farms, a 90-home apartment community in Nashville, Tenn. for $8.4 million, Riverford Crossing, a 300-apartment community in Frankfort, Ky. for $30 million and Montecito, a 268-unit apartment community in Austin, Texas, for $19 million.

Keystone Farms was completed in 1998 and is currently fully occupied. Riverford Crossing is 94 percent occupied and Montecito is 96 percent occupied.

“Our December acquisitions capped a banner year for the company,” said Steadfast President Ella Neyland in a statement. “We continue to find acquisitions that fit our business plan to focus on prime locations in secondary markets with signs of vitality in the local economy.”

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