Steadfast Apartment REIT III Inc. has acquired the Pointe at Vista Ridge (formerly known as Enclave at Vista Ridge), a 300-apartment-home community located in the Northern Dallas submarket of Lewisville. The purchase price was approximately $44 million.
“Dallas is a growing region with demographic trends that are a good fit for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” says Ella Neyland, president of Steadfast Apartment REIT III Inc. “Additionally, The Pointe at Vista Ridge enjoys an ideal location in the midst of a thriving neighborhood with numerous lifestyle amenities for our current and future residents.”
Completed in 2003, The Pointe at Vista Ridge includes 11 three-story buildings with one-, two- and three-bedroom apartment homes that average 1,080 square feet. In-place rents average $1,187 per month and the community is currently 94.3 percent occupied.
The Pointe at Vista Ridge’s amenities include a resort-style pool with an outdoor kitchen, 24-hour fitness center, playground, clubhouse with resident lounge and theater, outdoor BBQ grills, business center, a sand volleyball court, walking trail, game room with billiards and game station, a pet park and washing area, a tanning bed, car-washing station and covered carports. Every apartment home in the community features nine-foot ceilings, washer/dryer connections, crown molding, faux granite countertops, ceiling fans and private balconies or patios.
As part of the Steadfast Value Enhancement Strategy, STAR III plans to renovate all unit interiors to include an upgraded appliance package, new laminate countertops, new plumbing fixtures, new vinyl wood flooring and carpeting, and upgraded lighting when turning apartments between residents.
Located in Lewisville, 20 miles north of downtown Dallas, the community offers easy access to many Dallas-area business parks including Frisco Business Parks, Legacy West Development, Legacy and Granite Business Parks, and the Platinum Corridor. The Pointe at Vista Ridge is also located adjacent to Vista Ridge Mall and is just minutes from Stonebriar Centre.
STAR III believes the Dallas area is well-positioned for long-term success as it continues to benefit from a diverse range of industries and growth including the anticipated completion of Toyota’s U.S. headquarters later this year.
With the acquisition of The Pointe at Vista Ridge, STAR III has invested approximately $176 million with five multi-family properties, totaling 1,212 apartment homes, in Colorado, Georgia, Illinois and Texas.
STAR III is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Cos., an Orange County, CA-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the US and Mexico.