Steadfast Apartment REIT Sells Terrace Cove Apartment Homes in Austin, Texas
February 18, 2020
On February 5, 2020, the Steadfast Apartment REIT sold Terrace Cove Apartment Homes, a 304-unit multifamily property located in Austin, Texas, for $33,875,000. The purchaser of Terrace Cove Apartment Homes was not affiliated with the Company or the Advisor. The Company 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.
On February 11, 2020, the Company, 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.
Source: SECGo Back
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