Steadfast Income REIT acquires 130-unit apartment complex for $6.5 million

According to Steadfast Income REIT, Inc., the trust has acquired the Arbor Pointe Apartments, a 130-unit complex in the Hurstbourne Acres area, for $6.5 million. The property operates under the Low Income Housing Tax Credit (LIHTC) program with an agreement requiring that 100% of the units be rented to tenants earning no more than 60% of the area's median income. "We are pleased to add this well-maintained, stable multifamily community to our portfolio," said Rodney Emery, CEO and president of Steadfast Income REIT. "Steadfast Management Co., Inc. will manage Arbor Pointe and brings valuable experience in the day-to-day management of affordable housing, as well as with the ongoing regulatory and compliance obligations that pertain to these assets." Arbor Pointe was built in 1995 and consists of 60 two-bedroom garden style apartments and 70 three-bedroom townhomes. The units average 1,150 s/f and each include two bathrooms, central heat and air conditioning, a full set of kitchen appliances, washer and dryer connections and private patios or balconies. Additionally, the property has a management office, swimming pool, playground and community room on-site. Hurstbourne Acres has been a growing submarket of downtown Louisville for the past 20 years with area residents enjoying an average median household income above the national average and convenient access to employment centers, large national retailers, several institutions of higher learning and Louisville's thriving downtown medical research campus. As the area's only affordable housing community, Arbor Pointe consistently operates with a wait list and occupancy in the high 90% range.