Multifamily

FAYETTEVILLE, ARK. — Inland American Communities Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has acquired the Domain at Fayetteville, a 654-bed student housing community near the University of Arkansas, for $42 million. The property was recently completed and is fully leased for the 2013-2014 school year. The property is located within walking distance of the University of Arkansas campus on the university shuttle route. The property's amenities include a luxury clubhouse with a game room, 24-hour fitness center, resort-style pool, theater and an outdoor kitchen with grilling stations. The community will be rebranded as University House. In another recent transaction, Inland American Communities Group purchased HUB on Campus, a 640-bed student housing property near Arizona State University, for $103 million.

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.