Steadfast Apartment REIT Buys Colorado Multifamily Property for $32.4 Million

Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust, acquired Fielder’s Creek Apartments, a 217-unit apartment community in the Denver suburb of Englewood, for $32.4 million.

“The Denver metro is considered to be a highly desirable place to do business, raise a family and have a great quality of life. In fact, U.S. News & World Report listed the city as the number one ‘2016 Best Places to Live in the USA,’” said Ella Neyland, president of Steadfast Apartment REIT.

Constructed in 1983 on more than seven acres, Fielder’s Creek comprises a mix of studios, one- and two-bedroom homes that average 787 square feet with average in-place rents of $1,051. It is currently 97 percent occupied.

Unit amenities include a washer/dryer, wood-burning fireplace, walk-in closets, extra storage and a personal balcony or patio in select units, while community amenities include a pool, fitness center, multi-screen media lounge, business center, basketball court, dog park, children’s play area and an outdoor entertainment and BBQ area.

Steadfast Apartment REIT will implement a moderate value enhancement program at the property. Approximately 40 percent of apartment interiors will be upgraded with new appliances, bathroom and kitchen cabinets, countertops, lighting, fixtures, hardware, flooring and paint. The remaining apartments were recently renovated by the previous owner.

Fielder’s Creek Apartments is strategically located two miles from the Englewood CityCenter Light Rail Station that runs to downtown Denver and Union Station.

As reported by The DI Wire yesterday, the REIT recently closed its offering after raising $691 million in investor equity and continues to offer DRIP shares at $14.46 each, effective May 1, 2016. Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, California-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico. The REIT’s $1.25 billion portfolio is comprised of 31 properties in 11 states.

For more Steadfast related news, visit their directory page here.