May 24 2016 | Article by: The DI Wire
Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, purchased its first community, Carriage House Apartments, a 136-unit complex in the Chicago suburb of Gurnee, Illinois for $7.6 million.
In connection with the property acquisition, an annual cash distribution of 6 percent for class A shares and 5.2 percent for class T shares will begin being paid.
“We are very pleased to kick off Steadfast Apartment REIT III with the purchase of Carriage House. The community is approximately 98 percent occupied and well-positioned within the market,” said Ella Shaw Neyland, president of Steadfast Apartment REIT III. “We intend to target quality, mid-tier assets and seek opportunities to convert good properties into better ones by introducing our extensive institutional resources.”