By Ioana Neamt, Associate Editor
An investor from California has snapped up two multifamily communities in the neighboring states of Texas and Oklahoma.
Steadfast Apartment REIT, an affiliate of Orange County-based Steadfast Cos., recently acquired two apartment communities in Oklahoma City and the Dallas-Fort Worth MSA, for an aggregate purchase price of $88.4 million. With this latest transaction totaling 654 units, the REIT has now invested more than $932 million in 24 communities across 11 states.
Steadfast acquired The Shores at K-Rock in Oklahoma City, a 300-unit, Class A apartment community located at 14117 N. Rockwell Ave., roughly 15 miles of downtown. The two-year old property sits on 22 acres in close proximity to various employment, education, healthcare and entertainment hubs, including the University of Oklahoma, the Oklahoma Heart Hospital, Mercy Hospital, and Tinker Air Force Base.
The Shores incorporates 11 three-story apartment buildings and 12 two-story townhome buildings with one-, two-, and three-bedroom units ranging from 649 to 1,288 square feet. Community amenities include business and fitness centers, two resort-style swimming pools, a seven-acre fishing pond, clubhouse, and outdoor lounge area, among others. The Shores was 93.7 percent leased at the time of sale.
The REIT also purchased Monticello by the Vineyard, a 354-unit apartment community in the Euless submarket, just 25 minutes from both Dallas and Fort Worth. Built in 2002, the property consists of 21 three-story buildings, five garage buildings, a leasing office/clubhouse, and was 96.9 percent occupied at the time of sale.
Located at 2500 Hwy 121 in Euless, the community features one-, two-, and three-bedroom apartments averaging 993 square feet. Amenities include an executive business center/conference area, fitness center, resort-style swimming pool and Jacuzzi, clubhouse and entertainment center, and a dog park. Steadfast plans to invest in upgrades to the community’s interiors, exteriors and common areas.
Images courtesy of Yardi Matrix