Steadfast Income REIT Pays $61.22M for MultiFamily Properties in OK, TX

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Vantage at Buda

Irvine, CA -based Steadfast Income REIT, Inc. (SIR) has acquired multifamily communities in Buda, TX and Oklahoma City, OK for a combined total of $61.22 million.

SIR Buda acquired the Buda property, Vantage at Buda, for an aggregate purchase price of $23 million, excluding closing costs. The capitalization rate for the Buda property as of the closing of the acquisition was 6.0 percent. SIR Buda has secured a loan for $17.03 million from Berkadia Commercial Mortgage, LLC, pursuant to the requirements of the Fannie Mae Multifamily DUS Loan Program.

SIR has also initiated the process to re-name Vantage at Buda to Trails at Buda Ranch.

The Buda property is a 264-unit residential community comprised of 14 three-story residential buildings, one leasing office and one maintenance building on a 14-acre site. The apartments at the Buda property consist of a mix of one, two, and three-bedroom units averaging 888 square feet per unit.

Amenities at the Buda property include a swimming pool, 24-hour fitness center, business center, reserved covered parking, on-site courtesy patrol, limited access gates and barbecues. Occupancy at the Buda property was 96% as of March 14, 2013.

Steadfast Management will serve as the property manager for Trails at Buda Ranch.

SIR Deep Deuce, another subsidiary of Steadfast Income REIT, has acquired Deep Deuce at Bricktown Apartments, a 294-unit residential property in Oklahoma City, OK for an aggregate purchase price of $38.22 million, excluding closing costs.

SIR Deep Deuce assumed an existing mortgage loan from Citibank, N.A., as Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities, Inc., Multifamily Mortgage Pass-Through Certificates, Series 2011-K703, in the original principal amount of $24.2 million.

The capitalization rate for the Deep Deuce property as of the closing of the acquisition was 7.0%.

The Deep Deuce property is a 294-unit residential community constructed in 2001. The leasing office/clubhouse is located in a converted warehouse building dating back to the 1920s.

The Deep Deuce property is comprised of 26 two and three-story residential buildings and leasing office on an 8.8-acre site. The apartments at the Deep Deuce property consist of a mix of one and two-bedroom units averaging 925 square feet per unit.

Property amenities at the Deep Deuce property include a clubhouse, 24-hour fitness center, a swimming pool with deck, detached garages, reserved covered parking and on-site courtesy patrol. Occupancy at the Deep Deuce property was 99% as of February 12, 2013.

Steadfast Management will serve as the property manager for the Deep Deuce property.