Steadfast Properties acquired its first multi-family property in December 1995. The second followed in May 1996, quickly followed with the third project in July 1996.

Steadfast Companies began in late 1995 with just one multi-family property acquisition and growth accelerated rapidly throughout the late 1990s to a peak of 38 properties in 1999. After the sale of almost 5,000 units of multi family and over 1,000,000 square feet of commercial space since 2000 Steadfast has rebuilt the portfolio to 15,500 units owned or under development and over 3,000,000 square feet of commercial. In addition, The Resorts group has expanded from one to three hotels during this time.

From that point, the company has enjoyed rapid growth and expansion. Since July 1996, Steadfast has closed over 120 additional purchases of existing multi-family properties or sites for new developments, comprising over 20,000 units in Arizona, California, Colorado, Floriday, Hawaii, Idaho, Illinois, Michigan, Montana, Nevada, New Mexico, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington, and Wisconsin. Current inventory includes ownership interest in over 15,500 apartment units; over 8,500 currently owned and/or managed with additional projects under development by Steadfast.

In addition, the company purchased numerous land parcels totaling over 300 acres in Orange, Los Angeles, and Riverside counties from 1996 to 2005. These properties were zoned for industrial, office and retail development. Although many of these land holdings have been developed and sold, Steadfast Companies has about 50 acres currently under development, with over 2,500,000 square feet of office, industrial and retail buildings under construction or in the process of being refurbished and repositioned. Existing inventory exceeds 3,000,000 square feet of commercial properties.

In 2002 the Resort Properties acquired its first hotel property in the United States consisting of almost 800 rooms for partial conversion to timeshare. This Las Vegas hotel was subsequently sold and Steadfast went on to acquire three resort hotels in Mexico now operating under the Tesoro Resorts brand.

The Steadfast Companies enjoy unique advantages in the field of real estate development, the acquisition/renovation of existing properties and the property management industry. The expertise of an experienced professional staff allows Steadfast to coordinate all aspects of the development process, acquisition and refurbishment of existing structures and the property management of the finished product.

What really sets the Steadfast Companies apart is the ability to seek out and investigate niche real estate opportunities, which have significant barriers to entry. This then allows for incrementally higher value added returns that can be achieved through fully utilizing the Steadfast Companies core competencies.

In new development projects this includes the pursuit of difficult to develop sites, properties with complicated entitlement processes, intricate land assemblages or sites that are topographically challenging or requiring extensive grading and site work.

For acquisition rehabilitation projects this includes seeking out multi-family properties that qualify for tax-exempt bond financing and tax credit equity or other esoteric financing or capital structures. In the property management arena, this includes the maintenance of the affordable multi-family properties and cumbersome compliance and reporting issues associated with the bonds and tax credits.

By creating a programmatic approach to complicated deal structures in developing niche opportunities, we streamline and institutionalize the process as much as possible. This allows the Steadfast Companies to replicate and scale small niche opportunities into a sustainable business.

New land acquisitions are being carefully analyzed to ensure their long-term development viability in light of the present economic outlook. Any new commercial developments will be substantially pre-leased. On the residential front, all new multi-family acquisitions must fit into existing residential affordable housing finance structures. Our for sale residential projects are typically smaller, unique, niche type properties or part of one of our larger mixed use developments.

Steadfast continues to work to enhance its capital structure, while simultaneously making significant additions and organizational changes to its staffing. These changes have enabled Steadfast to gain greater control over its operations while optimizing the management of its portfolio for the long-term.

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