California REIT continues buying spree

BURL ROLETT | APRIL 15, 2016 | Business Den

After spending more than $200 million on deals in Colorado in 2015, a California-based REIT is gobbling up more real estate.

Steadfast Apartment REIT bought the Fielder’s Creek apartment complex in South Denver last month for $32.4 million. The company liked it for its location close enough to downtown, but far enough away that tenants won’t be scared away by eye-popping rental rates.

“There’s a characteristic to all our communities and that’s the moderate income price point. It fits most people’s paychecks,” said Ella Neyland, Steadfast Apartment REIT president. “It’s in a periphery area, so you have a great location but you’re not paying the prices downtown Denver.”

Fielder’s Creek was built in 1983. It’s a cluster of 10 apartment buildings on 7½ acres at West Floyd Avenue and South Irving Street. The complex also includes a pool, fitness center, basketball court, dog park and business center.

The property is about 98 percent occupied and rents average $1,051 a month, according to Steadfast’s website.

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