Houston: $37M deal for The Heights ApartmentsHouston: $37M deal for The Heights Apartmentshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=61042013-10-09T12:20:00Z2013-10-08T00:00:00Z

HOUSTON - Steadfast Income REIT has acquired The Heights Apartments for $37 million, or about $73,413 per unit. The Heights is located at 2100 Tannehill Dr.

The Heights Apartments, the REIT’s first Houston-area property, is a 504-unit property that consists of a mix of one- and two-bedroom units with average in-place monthly rents of $865.

Approximately 80 percent of the apartment homes have been renovated to include new appliances, fixtures, carpet and vinyl flooring and updates to the countertops and cabinet finishes.

In Mansfield, the 336-unit Broadstone Ashwood, 1701 Towne Crossing Blvd., was also purchased for $30.9 million, or about $91,964 per unit. Mansfield is located in the Dallas-Fort Worth MSA.

Source: United States Securities and Exchange Commission and Yahoo Finance.

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Houston-The Woodlands-Sugar Land
http://www.sec.gov/archives/edgar/data/1468010/000146801013000087/ex991cantareheightsandbroa.htmRead more at {Source}

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