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Steadfast Income Acquires Forty57 Apartments in Kentucky

DEC 28, 2012 12:33pm ET
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Steadfast Income REIT Inc. has acquired a 436-unit garden-style apartment community in Lexington, Ky., for $52.5 million. It represents the firm’s largest single purchase to date.

The acquisition also represents the sixth property the real estate investment trust purchased in Kentucky in 2011 and 2012, and the first in Lexington.

Steadfast said it has invested over $467 million in 25 apartment communities in nine Midwestern and Southern states. It has acquired over 5,600 apartment homes in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio and Texas.

The Lexington addition, according to the REIT’s president, Ella Shaw Neyland, follows assessments that indicate the area is becoming increasingly important in the state’s economy as “the financial, retail, health care and cultural core of the entire region.”

The REIT’s stated goal is to operate a diverse portfolio of real estate investments “focused primarily on the multifamily sector.”

The REIT’s interest in investing in Lexington also derives from the fact that it regularly ranks among national lists of “Best Places” as a picturesque city with a thriving arts scene and a diverse economy including over 450 horse farms and parks.

The Forty57 Apartments multifamily unit purchase—which currently is 88% occupied—consists of 19 three]story residential buildings constructed in four phases between 2008 and 2012. Its one-, two- and three-bedroom apartments and townhomes have average rents of $860.

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