Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust, purchased Stoneridge Farms, a 336-unit apartment community in Nashville’s Smyrna submarket for $47.75 million—bringing its total acquisition activity to $1.2 billion. The REIT now owns 617 units in the state of Tennessee, for a total of 9,858 units in 11 states.
Constructed in 2005, Stoneridge Farms is a gated apartment community offering one, two and three-bedroom apartment homes that average 1,162 square feet with an average in-place rent of $1,024. Stoneridge Farms is currently 97.6 percent occupied. The apartment homes include breakfast bars, private sunrooms or patios, fireplaces, walk-in closets, washer/dryer connections and detached garages, with select models featuring jetted garden tubs and double vanities.
“2015 was an exceptional year for Steadfast,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “We were in a position to acquire attractive assets such as Stoneridge Farms that we believe meet our investment criteria and long-term growth objectives. As we look to 2016, we will continue to seek new opportunities in key markets, while actively managing our existing portfolio to maximize the return for our investors.”