STEADFAST INCOME REIT ACQUIRES TAPESTRY PARK FOR $32.4M

BIRMINGHAM, ALA. — Steadfast Income REIT has purchased Tapestry Park, a 223-unit apartment community located five miles east of downtown Birmingham, for $32.4 million. Tapesty Park is Steadfast Income REIT's first purchase in Alabama. The community opened in September 2012 and is currently 94 percent occupied. The property offers one-, two- and three-bedroom apartments with an average rent of $1,200 per month. Tapestry Park's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace with a lounge, clubhouse with a media center, barbecue area and a dog park. The interior of the units features stainless steel appliances, washer/dryers, nine-foot ceilings, faux wood flooring, granite countertops and private balconies and patios.