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Steadfast Apartment REIT Acquires Colorado Apartments with Retail

February 17, 2020

Steadfast Apartment REIT Acquires Colorado Apartments with Retail

February 14, 2020

On February 11, 2020, Steadfast Apartment REIT, Inc., through STAR Patina Flats, LLC, an indirect, wholly-owned subsidiary of the Company, acquired from a third-party seller a fee simple interest in a 155-unit multifamily and seven retail-space community located in Loveland, Colorado, commonly known as Patina Flats at the Foundry.

STAR Patina Flats acquired the Patina Flats property for an aggregate purchase price of $44,100,000, excluding closing costs. STAR Patina Flats financed the payment of the purchase price for the Patina Flats property with a combination of: (1) cash proceeds from the disposition of Terrace Cove Apartment Homes, and; (2) an advance in the aggregate principal amount of $31,271,471 from Berkeley Point Capital LLC, d/b/a Newmark Knight Frank pursuant to the Company’s Master Credit Facility Agreement with Berkeley Point Capital LLC.

On February 5, 2020, the REIT sold Terrace Cove Apartment Homes, a 304-unit multifamily property located in Austin, Texas, for $33,875,000. The REIT previously acquired Terrace Cove Apartment Homes on August 28, 2014, for a contract purchase price of $23,500,000, exclusive of closing costs. The proceeds from the sale of Terrace Cove Apartment Homes were deposited with an accommodator and used to purchase the Patina Flats property in a 1031 Exchange.

The Patina Flats property was constructed in 2018 and includes two five-story buildings with both retail and residential homes on the first floor situated on an approximately 1.012-acre site. The Patina Flats property is comprised of 44 studio units, 80 one-bedroom units, 27 two-bedroom units, 4 three-bedroom units and seven retail spaces with 15,206 square feet. The apartment homes at the Patina Flats property average 685 square feet with an average monthly rent of $1,315. Apartment home amenities at the Patina Flats property include stainless steel appliances, wood-style flooring, granite countertops, modern-industrial finishes, patios and balconies and mountain views. Property amenities at the Patina Flats property include a 24-hour fitness center, outdoor fireplace, pool tables, lounge spaces, rooftop patio and first-floor retail. The Patina Flats property is adjacent and within walking distance to a plaza with patio seating, movie theater, garage parking and splash pad. An acquisition fee of approximately $441,000 was earned by the Advisor in connection with the acquisition of the Patina Flats property.

 

Source:  SEC

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August 28, 2017
    

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