Meritage at Steiner Ranch.
Steadfast Income REIT entered into a joint venture arrangement with Blackstone Real Estate Income Trust involving 20 of Steadfast’s 63 apartment communities. The 20 assets total 4,584 apartment units.
In the transaction, BREIT will acquire a 90% ownership interest in the 20 apartment community portfolio for approximately $460.8 million in cash and debt assumption.
Steadfast, which had acquired the properties for a combined $436 million from August 2011 to May 2014, will keep a 10% stake in the portfolio and its affiliates will continue to manage the properties in the joint venture. The transaction is expected to close in two phases during the next 60 days.
Jones Lang LaSalle Securities, LLC served as financial advisor to Steadfast. Morris, Manning
& Martin LLP served as legal counsel to Steadfast.
The portfolio consists of the following properties:
|Meritage at Steiner Ranch||502||Austin|
|Trails at Buda Ranch||264||Austin|
|Landing at Mansfield||336||Dallas/Fort Worth|
|Grayson Ridge||240||Dallas/Fort Worth|
|Arbors of Carrollton||131||Dallas/Fort Worth|
|Renaissance St. Andrews||216||Louisville|
|Valley Farms North||128||Louisville|
|RSA – Condos||30||Louisville|
|Cantare at ILV||206||Nashville|
|Ashley Oaks||462||San Antonio|
|Hills at Fair Oaks||288||San Antonio|
|Rosemont at Olmos Park||144||San Antonio|