Southeast

LEXINGTON, KY. — Steadfast Income REIT has purchased the newly constructed Watermark at Hamburg Place apartment community in Lexington for $16.3 million. The 150-unit community was 93 percent occupied at the time of sale. The REIT purchased the community from Watermark Residential. The community offers one-, two- and three-bedroom units with average rents of $952 per month. The community's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace, clubhouse with a coffee center, barbecue area and a dog park. The property will be renamed the Retreat at Hamburg Place. With this purchase and the $20.1 million acquisition of a community in Ohio, Steadfast Income REIT has surpassed $1 billion in assets.

BILOXI, MISS. — Rock Apartment Advisors has brokered the $6.5 million sale of Royal Gulf, a Class B apartment community located in Biloxi. The 144-unit community is located along the Mississippi Gulf Coast, minutes from the beach. Joseph Holt of Birmingham, Ala.-based Rock Apartment Advisors and Blake Pera of CBRE Memphis brokered the sale. Engle Realty Co. purchased the community from Newport Property Ventures. Royal Gulf is Rock's 14th transaction along the Mississippi Gulf Coast since 2007, totaling approximately $136 million in total sales.

BIRMINGHAM, ALA. — Rock Apartment Advisors, a Birmingham-based apartment brokerage services firm, has closed the $3.2 million sale of The Blach's Lofts at North 20th Street in downtown Birmingham. The community features 24 loft-style units and approximately 5,000 square feet of commercial space, which is fully leased. The property was built in 1923 and renovated in 2008-2009. Justin Uffinger of Rock Apartment Advisors brokered the sale.