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Steadfast Income REIT closes JV portfolio deal with Blackstone

Multifamily real estate investment trust Steadfast Income REIT Inc., through its subsidiaries, injected the second batch of properties into its joint venture deal with Blackstone Group LP's diversified REIT unit Blackstone Real Estate Income Trust Inc.

Steadfast Income netted about $55.7 million from this second closing of the transaction. Under the joint venture deal, Blackstone will acquire a 90% ownership interest in 20 Steadfast Income apartment communities. SIR LANDS Holdings LLC, a newly formed unit of Steadfast Income REIT, will hold the company's 10% stake in the joint venture.

The properties included in the second closing are Arbors of Carrollton, Hills at Fair Oaks, Keystone Farms Apartments, Renaissance at St. Andrews, Renaissance St. Andrews Condominiums, Springmarc Apartments, Valley Farms Apartment Homes, Valley Farms North and Valley Farms Clubhouse, which are spread across Texas, Tennessee and Kentucky.

Steadfast Income Advisor LLC received a roughly $1.9 million disposition fee in connection with the transaction.