Steadfast Takes Hold of Two Illinois Apts for $37M

CHICAGO—Steadfast Income REIT Inc., based in Irvine, Calif., has purchased two apartment properties in the Far West suburbs here for $37 million.

The 200-unit Arrowhead Apartments in Palatine was built in 1976 and saw a $1.4 million renovation in 2006. The property is 98-percent occupied, with amenities including a clubhouse, pool, fitness center, dog park and playground.

The 216-unit Moorings Apartments in Roselle were built in 1977. The units average 1,000 square feet and feature walk-in closets, patios and storage, with amenities that include a clubhouse, pool, laundry facilities, a business center and a garden-style setting complete with wooden bridges, ponds, waterfalls and streams. The 99-percent occupied property had a $1.3 million renovation in 2008.

Ella Neyland, president of the trust, in a statement that the transactions were separate. “We think these assets are well positioned in markets that have seen increasing rents, decreasing vacancies and no new apartment construction in the past five years,” she said. The trust also owns the 190-unit Lincoln Towers apartment community in Springfield, Ill.

She said Steadfast also recently acquired its third Texas property, in another separate transaction, with the purchase of Ashley Oaks in San Antonio for $30.8 million. The 92-percent occupied property was built in phases with 216 units built in 1985 and another 246 added in 1995.

“We continue to expand and diversify our apartment holdings across a broad swath of Midwest and Southern states,” said Neyland. “We think these assets are consistent with our focus on acquiring established apartments in locations that present strong opportunity for rent growth and value appreciation.”

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