
Steadfast, Blackstone Complete $461M MF Portfolio Deal
Irvine, CA-based Steadfast Income REIT, Inc. (SIR) entered into a joint venture arrangement with Blackstone Real Estate Income Trust, Inc ( BREIT), involving 20 of the 63 apartment communities owned by SIR. BREIT will acquire a 90% ownership interest in the 20 apartment community portfolio for approximately $460.8 million in cash and debt assumption. SIR will continue to own 10% of the portfolio.
The 20 assets total 4,584 apartment homes, located in Austin, Dallas, and San Antonio TX, Nashville, TN, and Louisville, KY. SIR acquired the assets for an aggregate cost of $436 million between August 2011 and May 2014.
Affiliates of SIR will continue to provide property management services for the properties in the joint venture. The transaction is expected to close in two tranches during the next 60 days.
Jones Lang LaSalle Securities, LLC served as financial advisor to SIR. Morris, Manning & Martin LLP served as legal counsel to SIR.
For comments, questions or concerns, please contact Dennis Kaiser