Steadfast Income REIT Inc., through its subsidiaries, contributed the first batch of properties in its joint venture deal with Blackstone Group LP's Blackstone Real Estate Income Trust Inc. unit.
The first closing generated about $104.4 million in net proceeds for Steadfast Income. Under the joint venture deal, Blackstone will acquire a 90% ownership interest in 20 Steadfast Income apartment communities.
The properties included in the first closing are Ashley Oaks, Audubon Park, Belmont, Cantare at Indian Lake Village, Cooper Creek, Grayson Ridge, Landing at Mansfield, Meritage at Steiner Ranch, Montelena, Richland Falls, Rosemont at Olmos Park and Trails at Buda Ranch, which are spread across Texas and Tennessee.
A roughly $5.0 million disposition fee was paid to Steadfast Income Advisor LLC in connection with the transaction.