Steadfast Income REIT buys 220-unit Kansas apartment complex for $11.215 million

Steadfast Income REIT, Inc. has completed the $11.215 million acquisition of Clarion Park Apartments, a 220-unit complex. Clarion Park consists of garden style one, two and three-bedroom apartments, plus two-bedroom townhomes. "We think Clarion Park complements our strategy of acquiring well-leased, stable apartments in cities with positive demographic trends that are within close proximity to employment centers," said Rodney Emery, CEO and president of Steadfast Income REIT. "Some of the largest companies in the United States, like Honeywell, Garmin and Farmers Insurance Group, maintain a large presence in Olathe." The spacious units average 950 square feet and include a full set of kitchen appliances, washer and dryer connections and patios, with many units offering walk-in closets and outdoor storage. Additionally, the family-friendly atmosphere complete with a playground, sports court and fitness trail set among mature landscaping have helped maintain occupancy in the high 90 percent range. The city of Olathe is located about 20 miles northeast of Kansas City, MO and is the county seat of Johnson County, which is ranked as one of the wealthiest counties in the United States. Olathe is one of the fastest-growing cities in the country and the tremendous population growth experienced over the past 20 years is expected to continue with another 9 percent increase projected by 2015.