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California Apartment REIT Buys Dallas Property After Merging Funds

April 6, 2020

California Apartment REIT Buys Dallas Property After Merging Funds

Steadfast Apartment REIT to Pay Almost $60 Million for 310-Unit Complex

March 27, 2020 | Candace Carlisle | CoStar

An affiliate of Irvine, California-based Steadfast Apartment REIT is expanding its portfolio in Texas weeks after the company completed a merger of its three sponsored funds with $3.4 billion in valued real estate.

Steadfast Apartment REIT III has agreed to purchase VV&M, a 310-unit apartment property at 5225 Verde Valley Lane in Dallas for $59.25 million. In the deal, Wellington VVM LLC and Copans VVM LLC will assume $44.8 million in existing mortgage debt.

Steadfast Apartment REIT is expected to rank among the top 50 apartment owners in the country with a presence in seven of the top 20 real estate investment markets, including Dallas, Austin, Texas, and Nashville, Tennessee.

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