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Steadfast Apartment REIT III pays $44M for Texas property

Steadfast Apartment REIT III Inc. picked up The Pointe at Vista Ridge in the northern Dallas submarket of Lewisville for roughly $44 million.

The 11-building, 94.3%-occupied apartment community contains 300 units averaging 1,080 square feet.

The purchase brings the company's multifamily acquisitions to five properties, for a total investment of about $176 million.