July 31, 2017 Comments Off on Steadfast Adds Denver-Area MF for $63M    Views: 847 Colorado, National News, Southwest

Steadfast Adds Denver-Area MF for $63M   

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Irvine, CA-based Steadfast Apartment REIT III, Inc. (STAR III) acquired Belmar Villas, a 318-unit garden style apartment community in Denver from from Seagate Properties for $63.3 million. The 93%-occupied property is located at 700 South Reed Ct. in Lakewood, CO, a suburb seven miles west of Denver.

STAR III’s Ella Neyland says, “We believe the Denver area is a great match for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities.” The investment is Steadfast’s second property acquisition in the Denver metropolitan area, and sixth apartment home community purchase.

Belmar Villas includes 17 three-story buildings with one-, two- and three-bedroom apartment homes. The previous owner completed renovations to roughly a quarter of the units, and STAR III plans to renovate the remaining interiors when turning apartments between residents.

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