Steadfast Apartment REIT III Buys Austin Multifamily Property for $44.5 Million

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, purchased Canyon Resort at Great Hills, a 256-apartment-home community located in Austin, Texas, for $44.5 million.

“We believe that Canyon Resort will be another great addition to our growing portfolio of mid-tier properties,” said Ella Neyland, president of Steadfast Apartment REIT III. “Its unique location at the edge of a nature preserve gives it a secluded feel, while still providing easy access to the surrounding metropolitan area—features we believe are beneficial for strong occupancy, rent growth and value appreciation.”

Built in 1997, Canyon Resort includes 12 three-story buildings with one-, two- and three-bedroom garden-style apartment homes that average 983 square feet. In-place rents average $1,335 per month and the community is currently 94.5 percent occupied.

The community’s amenities include a resort-style pool with sundeck, fitness center, BBQ area, business center, detached garage parking and hiking trails. Each unit includes 9-foot ceilings, washers and dryers, and private balconies or patios. Additionally, select units feature fireplaces, hardwood flooring and attached garages.

Approximately 50 percent of the apartment homes were recently renovated by the previous owner to include an upgraded appliance package, tile backsplash and upgraded lighting fixtures. The REIT plans to renovate the remaining units when turning the apartments between residents to include quartz countertops, new plumbing fixtures and vinyl flooring to all the apartment homes.

Canyon Resort sits on the edge of a nature preserve, and is close to The University of Texas at Austin, a major central business district and retail and commercial destinations. The business campuses of Apple, IBM, National Instruments, BMC Software, Time Warner Cable and the Seton Northwest Medical Center are also within a ten-minute commute.

Steadfast Apartment REIT III invests in middle-market apartments and senior living facilities located throughout the United States. The company went effective in February 2016 and has raised nearly $25 million in investor equity since the third quarter of 2016. Including this most recent acquisition, the company has purchased three properties for a total of $100 million.

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