STEADFAST INCOME REIT ACQUIRES CHATTANOOGA APARTMENTS

CHATTANOOGA, TENN. — Steadfast Income REIT Inc. has purchased Reserve at Creekside Village, a 192-unit apartment community in Chattanooga. The apartment property, built in 2004, was 91 percent occupied at the time of the sale. The one-, two- and three-bedroom units average 1,100 square feet and rent for an average $965 per month. The community’s amenity package includes a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue grilling areas. The asset is Steadfast’s first acquisition in Chattanooga and its fourth in Tennessee. The transaction, along with the REIT’s purchase of an apartment community in Dallas, totaled $42 million.