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Steadfast Apartment REIT III Buys $63.3 Million Multifamily Community Near Denver

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, purchased Belmar Villas, a 318-unit multifamily community in the Denver suburb of Lakewood, Colorado for $63.3 million.

“We believe the Denver area is a great match for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” said Ella Neyland, president of Steadfast Apartment REIT III, Inc. “Belmar Villas is our second property in the Denver metropolitan area, which was recently recognized by National Real Estate Investor as a top market for multifamily investment.”

Belmar Villas includes 17 three-story buildings with one-, two- and three-bedroom apartment homes that average 856 square feet. In-place rents average $1,318 per month and the community is currently 93 percent occupied.

Belmar Villas’ amenities include two swimming pools with spas, gas barbeque grills and fire pits, a playground, clubhouse, basketball court, fitness center, business center and internet cafe, covered parking, and a laundry center. Unit amenities include walk-in closets, central air conditioning, and private balconies or patios.

The previous owner recently renovated approximately a quarter of the apartment homes. Steadfast plans to renovate the remaining apartment home interiors when turning apartments between residents to include an upgraded appliance package, laminate countertops, plumbing fixtures, vinyl wood flooring and carpeting, paint, ceiling fans and upgraded lighting.

Belmar Villas is adjacent to the Belmar Shopping District and residents have convenient access to downtown Denver and the Denver International Airport through the RTD light rail system.

Last month, the company purchased The Pointe at Vista Ridge (formerly known as Enclave at Vista Ridge), a 300-unit multifamily community in the Northern Dallas submarket of Lewisville, Texas for approximately $44 million.

Steadfast Apartment REIT III, which invests in middle-market apartments and senior living facilities located throughout the United States, went effective in February 2016 and had raised nearly $115.4 million in investor equity, as of July 21, 2017. The company’s portfolio consists of six properties with a total purchase price of $242 million.

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