October 7, 2016
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.
For comments, questions or concerns, please contact Dennis Kaiser