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Steadfast REIT Pays $22M for Apts. in San Marcos

Housing Near Texas State Univ. Changes Hands
October 25, 2012
Steadfast Income REIT, a multifamily real estate investment trust, purchased Vantage at San Marcos, a 240-unit apartment community in San Marcos, TX, for $21.85 million or $91,042 per square foot. The REIT funded the acquisition through its ongoing public offering. American Opportunity for Housing Inc. was the seller.

The four-year-old complex is at 1350 Saddler Drive in Hays County, about 40 minutes south of Austin. The buyer plans to rename it Springmarc Apartments.

“We felt this represented a unique opportunity for us to acquire a high-quality asset in a desirable submarket near one of Texas’ largest universities,” said Ella Shaw Neyland, president of Steadfast REIT. “Texas State University’s enrollment has grown between 3 percent and 5 percent annually over the past several years, and we expect demand for apartment housing to remain strong.”

The property is 9 percent vacant and consists of 12 three-story buildings that offer up to three-bedroom units that have average in-place rents of $919.

This is Steadfast’s second Austin-area acquisition. In July, the REIT acquired the 232-unit Montelena Apartments in Round Rock for $18.4 million.

See CoStar COMPS #2584366 for more information.

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