IRVINE, Calif., Feb. 1, 2012 – Steadfast Income REIT, Inc. announced today the $33 million acquisition of Windsor on the River, a 424-unit community in Cedar Rapids, Iowa. Cedar Rapids recently ranked near the top of Forbes Magazine’s 2011 list of “Best Places for Business and Careers.”

“Many of the factors that Forbes highlighted in their review of Cedar Rapids -- namely its favorable employment growth and outlook, education, cost of doing business and cost of living -- were key components in our decision to acquire Windsor on the River,” said Rodney F. Emery, CEO and president of Steadfast.

Windsor on the River was built in 1982 in a wooded, resort-style setting overlooking the Cedar River and the Ellis Golf Course, and consists of one-,two- and three-bedroom apartments averaging 930 square feet. The property  underwent a $2.4 million renovation in 2007 that included newly appointed interiors with oak cabinetry, wood flooring and new carpeting.  Additionally, many units include a washer/dryer, vaulted ceilings, wood-burning fireplaces, private patios or balconies and sizeable walk-in closets.

The 95% occupied property boasts community features that include fitness facilities, lighted tennis courts, indoor racquetball courts, an Olympic-sized pool, gated underground parking and a clubhouse. Windsor’s proximity to park areas also affords it the distinction of being one of the only pet-friendly apartment communities in the area.

The acquisition marks the REIT’s second Iowa-area property. In December 2010, Steadfast acquired Park Place Apartments, a high-rise building located in downtown Des Moines.