October 7, 2016 Comments Off on Steadfast Expands Portfolio in Texas, Again Views: 461 California News, Orange County, West

Steadfast Expands Portfolio in Texas, Again

Irvine, CA-based Steadfast Apartment REIT completed the $66.05-million acquisition of Lake Ray Hubbard, a 334-unit garden-style apartment community in Rockwall, TX, from an undisclosed seller. It is the eighth acquisition by Steadfast in Texas.

The 96%-occupied community near Dallas was developed in 2009, and includes 42 buildings offering one- to four-bedroom floorplans that average 1,118 square feet. Steadfast plans to rename the property Sixteen50 @ Lake Ray Hubbard.

Steadfast Apartment REIT intends to initiate a value enhancement strategy at the property. When the property was built, roughly 25% of the units were built with high-end finishes. Steadfast plans to upgrade the remaining units.

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For comments, questions or concerns, please contact Dennis Kaiser

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