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Blackstone REIT Buying 20-Property Apt. Portfolio for $460 Million

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:

Property Units Metro
Meritage at Steiner Ranch 502 Austin
Trails at Buda Ranch 264 Austin
Springmarc Apartments 240 Austin
Montelena 232 Austin
Landing at Mansfield 336 Dallas/Fort Worth
Belmont 260 Dallas/Fort Worth
Grayson Ridge 240 Dallas/Fort Worth
Arbors of Carrollton 131 Dallas/Fort Worth
Valley Farms Louisville
Renaissance St. Andrews 216 Louisville
Valley Farms 160 Louisville
Valley Farms North 128 Louisville
Cooper Creek 123 Louisville
RSA – Condos 30 Louisville
Richland Falls 276 Nashville
Audubon Park 256 Nashville
Cantare at ILV 206 Nashville
Keystone Farms 90 Nashville
Ashley Oaks 462 San Antonio
Hills at Fair Oaks 288 San Antonio
Rosemont at Olmos Park 144 San Antonio
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