Steadfast Hits Indianapolis, Chicago Next?
Sticking to its successful strategy of investing in stabilized apartment communities in high-job-growth markets, Irvine, Calif.-based Steadfast Apartment REIT just paid $28M for 307-unit Harrison Place in Indianapolis. It's the REIT’s second acquisition, and it’s filed for a $1B capital raise, president Ella Shaw Neyland tells us. (It previously invested $1.6B in apartments with Steadfast’s last REIT over the past three years.) Chicago's also on the hit list, and supply remains limited at Steadfast’s price point (rents just north of $1/SF), meaning there are tons of opportunities to make one-off acquisitions with attractive upside, she says. (And she expects little competition on such deals.)
Harrison Place (above) is located near the Defense Finance and Accounting Services, the largest US military facility besides the Pentagon, employing 4,500 people. (It’s also on Beatle Drive, so we'll assume the deal was finished "Yesterday.") Ella says the property’s most unique selling point will be its two- and three-bedroom cottages, little rental homes complete with attached garages. Ella has a family-filled summer planned, including time with her kids in Austin, playing with the grandkids, and beach time with her dogs in SoCal.
