Steadfast Apartment REIT Pays $27.9M for Harrison Place Apartments in Indianapolis

A subsidiary of Steadfast Apartment REIT, Inc. has acquired a fee simple interest in Harrison Place Apartments, a 307-unit multifamily residential community in Indianapolis, IN, for $27.9 million, exclusive of closing costs.

The Steadfast Apartment REIT affiliate, STAR Harrison Place, financed the acquisition with a combination of proceeds from the Company’s public offering and a loan in the aggregate principal amount of $19.53 million from CBRE Multifamily Capital, Inc.

The Harrison Place Property was constructed in 2001 and consists of 11 three-story garden-style residential buildings, 34 one-story duplexes, a clubhouse/leasing office, 15 carport buildings and 11 garage buildings situated on an approximately 22-acre site.

The garden-style property is comprised of 72 one-bedroom units, 193 two-bedroom units and 42 three-bedroom units that average 970 square feet with an average monthly rent of $828.

Property amenities at the Harrison Place Property include a clubhouse with access entry, fitness center, business center, coin-operated laundry facility, loft lounge with television, swimming pool with sundeck, detached garages and carports. As of June 27, 2014, the Harrison Place Property was approximately 95% occupied.

Apartment amenities at the Harrison Place Property include microwaves, refrigerators, private balconies/patios, vinyl plank tiling in wet areas and washer/dryer hook-ups. Select units have attached garages, closet organizers, custom built-ins, electric fireplaces and walk-in closets.