Steadfast Income REIT, Inc. announced in early September its $15.1 million acquisition of Valley Farms Apartments, a 160-unit garden-style apartment community in Louisville.
The REIT now has invested more than $260 million in 16 apartment communities in seven Midwestern and Southern states.
“This is our fourth Louisville property,” said Rodney Emery, chief executive officer and president of Steadfast. “We feel that the population growth in the key renting demographic of 25- to 34-year-olds in combination with strong projected job growth and low new apartment construction will tighten up the market and drive down vacancies over the next several years.”
Valley Farms was built in 2007 and is 97 percent occupied. The property consists of 10 two-story residential buildings set in a scenic 13.5-acre site that affords residents ample open space and large floorplans. Valley Farms offers a mix of one-, two- and three-bedroom apartments with average in-place rents of $869.
With today’s acquisition, the REIT has acquired over 3,500 apartment units in Illinois, Iowa, Kansas, Kentucky, Missouri, Oklahoma and Texas for over $260 million.