HOUSTON – Steadfast Income REIT has acquired a six-property multifamily portfolio in Houston with 1,692 apartment units.
All properties in the portfolio were developed by the manager and seller, Atlanta-based Davis Development, between 2004 and 2008. Five of the properties are in the Cypress and Champions submarkets of northwest Houston, and one property is in the prestigious Kingwood master-planned development in the northeast part of Houston.
Irvine, Calif.-based Steadfast represented itself in the transaction and the seller was represented by David Oelfke of ARA. Steadfast entered the Houston market earlier this year with the purchase of an apartment in the Houston Heights.
“As the fourth largest city in the nation, Houston has not only sustained the effects of the recession but has continued to lead the nation into the recovery and growth period,” said Ella Neyland, president of Steadfast Income REIT. “In fact, Forbes recently predicted that Houston will be known as ‘America’s next great global city’ with projected job growth over nearly 20 percent in the coming decade.”
Properties acquired by Steadfast were:
Villas at Huffmeister, Waterford Place at Riata Ranch, Carrington Place and Carrington Park are all in Cypress. All four properties offer a mix of floor plans averaging 1,100 sf, with occupancies in the mid- to high-90 percent range.
Carrington at Champion Forest is a 284-unit property located in the Champions submarket consisting of one, two and three-bedroom units with average rents of $1,016.
Villas of Kingwood is a 330-unit garden-style property located in the master-planned community of Kingwood. The property offers 18 different floor plans and almost 80 percent include an attached garage. Villas of Kingwood is 93 percent occupied with monthly rents of $1,140.
With these latest acquisitions, the REIT has acquired nearly 14,000 apartment units in Alabama, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas purchased for more than $1.3 billion.