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Steadfast Buys Suburban Apartments for $59M

The average rent for a one-bedroom apartment in Aurora is $1,400 a month

Steadfast Apartment REIT bought Meadows at River Run, a 374-unit apartment complex in Rolling Meadows, for $58.5M. It's the latest acquisition for Steadfast, which has aggressively pursued multifamily assets in the last 18 months. The REIT controls over 8,500 units in 11 states.

The purchase of Meadows pushed Steadfast's portfolio past the $1B mark. It plans some moderate value-adds for the development, which is 94% occupied. Apartment interiors will be upgraded as they become vacant and will include new lighting, plumbing, appliances and countertops.

Steadfast also owns Randall Highlands in North Aurora.