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Steadfast Apartment picks up 8th Texas property for $66.1M


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Steadfast Apartment picks up 8th Texas property for $66.1M

A SteadfastApartment REIT Inc. unit purchased the multifamily community in Rockwall, Texas, marking its eighth property in thestate.

STAR Hubbard LLC paid roughly $66.1 million, excludingclosing costs, for the 96%-occupied property, which contains 334 unitsaveraging 1,118 square feet. The garden-style apartment property is beingrebranded as Sixteen50 @ Lake Ray Hubbard.

The unit funded the transaction using proceeds fromSteadfast Apartment's public offering and $47.1 million in assumed Fannie Maemortgage loans.