STEADFAST APARTMENT REIT III, INC. BUYS
APARTMENT COMMUNITY IN VIRGINIA FOR $30.1 MILLION
Contact: Jennifer Franklin
IRVINE, June 6, 2018 – Steadfast Apartment REIT III, Inc. (STAR III) announced that it has acquired Cottage Trails at Culpepper Landing, a “Class A” 183-unit garden-style apartment-home community located in Chesapeake, Virginia. The purchase price was approximately $30.1 million.
“We are very pleased that our first Virginia property is in the Hamptons Roads MSA, an area that was particularly attractive to us due to its expanding employment opportunities within the military and healthcare industries. We believe this area will continue to flourish and provide more potential opportunities in the future,” said Ella Neyland, president of Steadfast Apartment REIT III, Inc. Completed in 2015, Cottage Trails includes 8 three-story buildings with one-, two- and three-bedroom apartment homes that average 1,082 square feet. In-place rents average $1,294 per month and the community currently is 91.8 percent occupied.
Cottage Trails residents enjoy a community clubroom with full catering kitchen, saltwater swimming pool, 24-hour cardio & strength training studio with a group fitness & yoga room, dog park, playground, residential storage units, cyber café and grilling areas. Every apartment home in the community features nine-foot ceilings, Energy Star® black appliances, open floor plans, large kitchen islands and pantries, crown molding, garden tubs and walk-in closets.
As part of the Steadfast Value Enhancement Strategy, STAR III plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms. STAR III plans to complete the work when turning apartments between residents. Select enhancements will also be made to amenities and common areas including renovating and updating the clubhouse and cyber café, installing bike racks and enhancing the grilling areas.
The community sits along I-64, the main beltway around the Hampton Roads MSA connecting directly to I-464 and I-264 bringing residents into downtown Norfolk. Cottage Trails also has easy access to the Greenbrier business and shopping district as well as a variety of outdoor and water activities. Additionally, more than 160 international companies are located in the region, adding to the diversification of the labor market.
With the acquisition of Cottage Trails, STAR III has invested almost $400 million with 10 multifamily properties in Colorado, Georgia, Illinois, Texas, Indiana and Virginia totaling 2,775 apartment homes.
About Steadfast Apartment REIT III
STAR III is a real estate investment trust that was formed to acquire a diverse portfolio of middle-market apartments and senior living facilities located throughout the United States.
STAR III is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.
This release contains certain forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of STAR III’s public filings with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.