Steadfast Income REIT Inc. has announced the $28.6 million acquisition of Deer Valley Apartments, a 224-unit apartment community in Lake Bluff. The REIT has now invested more than $700 million in 35 apartment communities in 10 Midwestern and Southern states.
“Our 2012 acquisitions pace placed us among the nation’s most active purchasers of apartment properties, and we have added another $137 million of multifamily assets to our portfolio this year,” said Ella Shaw Neyland, president of Steadfast Income REIT. “I feel confident that today’s acquisition continues to build upon a solid portfolio that is positioned to experience strong performance.”
Deer Valley is a fully leased property that was built in 1991 and has average in-place rents of $1,179. The garden-style community consists of 13 two- and three-story buildings and offers a mix of one- and two-bedroom apartments.
Approximately 70 percent of the units have been renovated to include granite countertops in the kitchen and bathroom, laminate wood flooring, stainless steel appliances, walnut cabinetry and designer paint schemes. Steadfast plans to upgrade the remaining units when turning the units between residents. All units offer a stackable washer/dryer, secured intercom entry, large closets and private balconies or patios.
Residents also have access to a renovated clubhouse and fitness center, pool with sundeck, business center and a picnic and barbeque area. Deer Valley is located in the affluent village of Lake Bluff, in the North Shore market of Lake County.
This is the fourth property the REIT has purchased in Illinois. In 2010, it acquired Lincoln Towers in Springfield, and in 2012 it added The Moorings and Arrowhead Apartments in Roselle and Palatine. The REIT has acquired more than 7,800 apartment homes in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas for $708 million.
