Steadfast Apartment REIT Purchases 334-Unit Apartment Community in Metro Dallas

ROCKWALL, TEXAS — Steadfast Apartment REIT has acquired Lake Ray Hubbard, a garden-style apartment community with 334 apartment homes in the Dallas suburb of Rockwall. Built in 2009, Lake Ray Hubbard is a 96 percent occupied apartment community with 42 apartment buildings housing one-, two-, three- and four-bedroom floorplans. The average unit size is 1,118 square feet and the average rent is $1,603. The Lake Ray Hubbard community is being renamed to Sixteen50 @ Lake Ray Hubbard. Each unit features a balcony or patio, ceiling fans, washer and dryer connections and a garage, with fireplaces and hardwood floors in select homes. Community amenities include a pool, hot tub, steam room and dry sauna, on-site spa, fitness center, sand volleyball court, community pond, dog park, central park and playground, barbecue and picnic area and a business center. Steadfast Apartment REIT plans a value enhancement strategy at the property.