Steadfast Apartment REIT has acquired Heritage Place Apartments, a 105-unit apartment community located in Franklin, Tennessee, just 25 minutes south of Nashville, for $9.65 million.
With this acquisition, Steadfast Apartment REIT has purchased 13 communities in seven states totaling 3,899 units at an aggregate cost of about $441 million.
Built in 1982 on an 8.4-acre site, Heritage Place Apartments consists of 13 two-story garden-style residential buildings and a leasing office. All apartment homes are two-bedroom layouts, averaging 921 square feet with an average leased rent of $898.
Community amenities include a pool, tennis/sports court and a playground. Occupancy is 97 percent as of April 26.
