Steadfast Drops $80M on 3 Midwest Properties

Steadfast Apartment REIT got to work at the end of March, snatching up three Midwest apartment communities, with a total of 643 units, for $80.8M. The communities, which were purchased in separate transactions, include Eagle Lake Landing Apartments in Speedway, IN; Watermark at Cumberland (undergoing a name change to Reveal at Cumberland) in Fishers, IN; and Randall Highlands Apartments in North Aurora, IL. The company states that it plans to upgrade many of the interiors for a contemporary look. Here's what we know about each of the communities:

Eagle Lake Landing Apartments
Cost: $19.2M
Funding: Proceeds from ongoing public offering
Specs: 277 one-, two- and three-bedroom units in nine garden-style buildings. Units average 1,075 SF. Renovated in 2011. Every home has balcony/patio, laundry.
Amenities: Clubhouse, fitness center, business center, pool and deck, tanning bed, playground, picnic area with grills, lake with fishing

Watermark at Cumberland (Reveal on Cumberland)
Cost: $29.5M
Funding: Proceeds from ongoing public offering
Specs: 220 one-, two- and three-bedroom units. Size ranges from 663 to 1,433 SF. Gourmet kitchens, granite countertops, walk-in closets. $1,095/mo average rent.
Amenities: Clubhouse, 24-hour fitness center, pet park, game room, zero-depth entry resort-style pool with cabanas (pictured)

Randall Highlands Apartments
Cost: $32.115M
Funding: Combination of $22.48M loan from Berkadia Commercial Mortgage LLC and proceeds from ongoing public offering
Specs: 146 two- and three-bedroom townhome units ranging from 1,372 to 1,688 SF
Amenities: Fitness center, business center, game room, zero-depth entry pool and sun deck