Monday, April 07, 2014

California investor buys Dallas-area apartments

The Mapleshade Park apartments are just south of Bush Turnpike. (Mapleshade Park)
California-based Steadfast Income REIT Inc. said Friday that it has purchased a Dallas area apartment community.
Steadfast bought Mapleshade Park, a 148-unit rental project near Hillcrest Road and Bush Turnpike.
With the purchase of Mapleshade Park, Steadfast’s now has seven properties in Dallas-Fort Worth and 24 across Texas.
Last July, Steadfast bought the Waterford on the Meadows apartments in Plano and the Arbors of Carrollton.

Ryan Reid, Dirk Goris and Jeremy Faltys with CBRE Group brokered the Mapleshade Park sale.
Steadfast said that the Dallas-area purchase along with a property in Chattanooga, Tenn. Cost $42 million.
The real estate investment trust now owns 65 communities in 11 states.