Steadfast Apartment REIT III Buys Multifamily Property Near Denver

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, purchased the multifamily property Bristol Village in the Denver suburb of Aurora, Colorado, for $47.4 million.

“We are excited to add our second property to STAR III with the purchase of Bristol Village,” said Ella Shaw Neyland, president of STAR III. “We believe this asset is consistent with our focus on acquiring mid-tier apartments in locations that present strong opportunity for rent growth and value appreciation.”

Built in 2003, Bristol Village is a 10-building, 240-unit complex with one-, two- and three-bedroom apartment homes that average 901 square feet. In-place rents average $1,266 per month and the complex is currently 95.8 percent occupied. The gated community’s amenities include a heated swimming pool, hot tub, club house with fireplace, demonstration kitchen, BBQ area, business center and detached garage parking. Each apartment home features central air conditioning, 9-foot ceilings, soaking tubs and fireplaces.

Approximately 50 percent of the apartment homes were renovated by the previous owner to include new stainless steel appliances, upgraded fixtures, carpet and vinyl flooring and updated countertops. The REIT plans to continue the interior upgrades on the remaining units when turning the apartments between residents.

Steadfast Apartment REIT III focuses on investing 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 inception.

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