LAKE BLUFF, IL—Steadfast Income REIT Inc. announced Friday that it has purchased the 224-unit Deer Valley Apartments here for $28.6 million.
The complex was built in 1991 and has average in-place rents of $1,179 per month, according to Steadfast. The garden-style community consists of 13 two- and three-story buildings and offers a mix of one- and two-bedroom apartments. About 70 percent of the units have been already renovated, and Steadfast plans to upgrade the remaining units when turning the units between residents.
Amenities at each apartment include a stackable washer/dryer, secured intercom entry, large closets and private balconies or patios. Residents can also enjoy a renovated clubhouse and fitness center, pool with sundeck, business center and a picnic and barbeque area.
This is the fourththe REIT has purchased in Illinois. In 2010, it acquired Lincoln Towers in Springfield, and in 2012 it added The Moorings and Arrowhead Apartments in Roselle and Palatine. With the Deer Valley acquisition, the REIT has acquired more than 7,800 apartment homes in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas for $708 million.
“Our 2012 acquisitions pace placed us among the nation's most active purchasers of apartment properties, and we have added another $137 million ofassets to our portfolio this year,” said Ella Shaw Neyland, president of Steadfast, in a statement. “I feel confident that today’s acquisition continues to build upon a solid portfolio that is positioned to experience strong performance.”