HOUSTON: Steadfast Buys Six
Steadfast Income REIT purchased six multifamily properties in Houston totaling 1,692 units. (Just when you think of what to buy someone for Christmas, they get it for themselves.) Prez Ella Neyland tells us the acquisitions were in two phases. Houston has Forbes to thank for her firm's heavy attention—Ella loves that it named Houston the next global city thanks to its 20% projected job growth over the next decade. (Now if we could only get Food Network Magazine to pick up our recipe for almond encrusted moose shank, we'd be golden.)
The properties are a natural fit as a portfolio; all six were developed by Davis Development between '04 and '08 and have similar amenities. And they're all in northern Houston: four are in Cypress, one is in Champions, and one is in Kingwood. ARA's David Oelfke repped the seller. The communities: Villas at Huffmeister, Waterford Place at Riata Ranch, Carrington Place, Carrington Park, Carrington at Champion Forest (pictured), and Villas of Kingwood. Ella says the properties have a value-add component, and Steadfast will upgrade the interiors as units turn.