IRVINE, Calif., Sept. 21, 2012 – Steadfast Income REIT, Inc. announced today the $16.5 million acquisition of Sycamore Terrace Apartments, a 178‐unit garden‐style apartment community in Terre Haute, Ind. The REIT now has invested $300 million in 18 apartment communities in nine Midwestern and Southern states.
"This is our first property in Indiana," said Rodney F. Emery, CEO and president of Steadfast. "We felt this represented a unique opportunity for us to acquire brand new, Class A construction with excellent amenities in a desirable submarket."
Sycamore Terrace was built in 2011 and is 99% occupied. The property consists of 16 two‐story residential buildings that offer large floor plans averaging over 1,200 square feet and a site design that provides a private residence entrance to each unit. Sycamore Terrace's mix of one‐, two‐ and three bedroom apartments currently have average in‐place rents of $1,007.
The spacious, contemporary floor plans have granite countertops, black kitchen appliances, gourmet bars, vinyl plank flooring and full‐size washer/dryer connections, with many residents enjoying an attached garage. Community amenities include a resort‐style pool with poolside entertainment area, 24‐hour fitness center and a clubhouse with a multimedia room and free WiFi Hotspots throughout the common area.
Terre Haute is located approximately 75 miles west of Indianapolis and is home to several higher education centers including Indiana State University, which has a student enrollment of 11,500. In addition to education, the local economy is primarily driven by the healthcare and manufacturing industries.
Sycamore Terrace residents are a few miles from downtown Terre Haute and enjoy convenient access to the national retailers located along Route 41's retail corridor. With today's acquisition, the REIT has acquired almost 3,900 apartment units in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio and Texas for $300 million.
About Steadfast Income REIT
Steadfast Income REIT is a real estate investment trust that intends to acquire and operate a diverse portfolio of real estate investments focused primarily on the multifamily sector, including stable, income‐producing and value‐added properties. Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, Calif.‐based group of affiliated real estate investment companies that acquire, develop and manage real estate in the U.S. and Mexico.