California REIT nabs two Austin apartments in $45M dealCalifornia REIT nabs two Austin apartments in $45M dealhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=31362014-09-09T07:03:00Z2014-09-09T07:15:00Z

AUSTIN - A newly formed real estate investment trust has purchased two Austin apartment complexes in separate transactions for a total of $45 million.

Steadfast Apartment REIT, based in Orange County, California, purchased the Club at Summer Valley for $21.5 million and Terrace Cove for $23.5 million.

The Club at Summer Valley is located at 744 West William Cannon Dr. The 260-unit apartment community sits on nine acres and was built in 1983. At the time of closing it was 98 percent occupied.

The Club at Summer Valley offers one- and two-bedroom apartments ranging from 563 sf to 1,229 sf. Rent varies from $729 to $1,251.

Terrace Cove, located at 6201 Sneed Cove, includes 304 units on 13 acres and was built in 1986. The complex, which was also 98 percent occupied at the time of sale, offers one- and two-bedroom units ranging from 500 sf to 1,000 sf. Rent varies from $685 to $1,020.

The seller was not disclosed, but records at the Travis Central Appraisal District indicate both properties were owned by Stonemark S/SV LP in Atlanta. Stonemark purchased the properties in 2007.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/news/2014/09/05/california-reit-nabs-austin-apartments-in-45.htmlRead more at {Source}

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