Steadfast Apartment REIT III Purchases Multifamily Community Near Dallas

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, acquired The Pointe at Vista Ridge (formerly known as Enclave at Vista Ridge), a 300-unit multifamily community located in the Northern Dallas submarket of Lewisville, Texas. The purchase price was approximately $44 million.

“Dallas is a growing region with demographic trends that are a good fit 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. “Additionally, The Pointe at Vista Ridge enjoys an ideal location in the midst of a thriving neighborhood with numerous lifestyle amenities for our current and future residents.”

Completed in 2003, the property includes 11 three-story buildings with one-, two- and three-bedroom apartment homes that average 1,080 square feet. In-place rents average $1,187 per month and the community is currently 94.3 percent occupied. Located 20 miles north of downtown Dallas, the property is close to various business parks and shopping centers.

Property amenities include a pool with an outdoor kitchen and grills, 24-hour fitness center, clubhouse, business center, a sand volleyball court, walking trail, game room with billiards and game station, a pet park and washing area, a tanning bed, car-washing station and covered carports.

The REIT plans to renovate all unit interiors to include an upgraded appliance package, new laminate countertops, new plumbing fixtures, new vinyl wood flooring and carpeting, and upgraded lighting when turning apartments between residents.

With the acquisition of The Pointe at Vista Ridge, STAR III has invested approximately $176 million with five multi-family properties, totaling 1,212 apartment homes, in Colorado, Georgia, Illinois and Texas.

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 has raised nearly $81 million in investor equity, as of March 31, 2017. The company’s portfolio consists of five properties with a total purchase price of $176 million.

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