STEADFAST INCOME REIT BUYS APARTMENT COMMUNITIES FOR $31.9M

PLANO AND CARROLLTON, TEXAS — Steadfast Income REIT Inc. has acquired two apartment communities in Plano and Carrollton totaling for $31.9 million. The REIT purchased the 350-unit Waterford on the Meadow in Plano for $23.1 million and the 131-unit Arbors at Carrollton in Carrollton for $8.8 million. Waterford on the Meadow is 97 percent occupied and includes a swimming pool, sand volleyball court, clubhouse and picnic areas. Steadfast plans to upgrade the interior of each apartment unit between resident move-ins. Arbors at Carrollton is 95 percent occupied and includes a swimming pool, clubhouse and barbecue areas. Steadfast plans to upgrade the kitchen appliances when turning the units between residents. Including these acquisitions, the REIT has acquired more than 9,250 apartments homes in the Southwest, Southeast and Midwest for approximately $820 million.