Steadfast Income REIT, Inc. has acquired Oak Crossing, a 222-unit apartment community in Fort Wayne, Ind., for $24.23 million. This brings the REIT’s total portfolio to 67 communities in 11 Midwestern and Southern states.
“This is a high-quality property located within a mile from the newly built, highly acclaimed Parkview Regional Medical Center,” said Ella Shaw Neyland, president of Steadfast Income REIT. “We believe the market’s long-term apartment performance outlook looks promising and bright.”
Oak Crossing is a Class A apartment community completed in 2013 that is comprised of 12 garden-style buildings with one-, two-, and three-bedroom units that average 1,000 square feet. Average in-place rents are $952. Each unit comes with a private balcony/patio, washer and dryer, spacious walk-in closets and a full complement of kitchen appliances. Select floor plans come with attached garages, and there are detached garages available for rent. Oak Crossing is currently 94% occupied and provides residents with resort-style amenities, such as a fitness center, swimming pool, clubhouse with a stone fireplace, business center and grilling area.