California-based Steadfast Apartment REIT III has acquired an Indianapolis apartment complex in a $44 million deal. The Real Estate Investment Trust says it will renovate the majority of Avery Point Apartments’ 512 units.
Steadfast says it will renovate 75 percent of the units, with the other 25 percent having been recently renovated by the previous owner. The complex, on the northeast side of Indianapolis, is 94 percent occupied. In addition, Steadfast is planning upgrades to common areas, amenities, landscaping and signage.
The REIT says the complex is in an attractive location, sitting less than two miles from Castleton Square Mall and within a 10-minute drive of Community Health Network, which is one of the area’s largest employers.
With the acquisition,Steadfast says it has now invested more than $362 million in multifamily properties in Indiana, Colorado, Georgia, Illinois and Texas.