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California  + Orange County  + Apartments  | 

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

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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