News: Brokerage

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.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking