STEADFAST PAYS $24M FOR DAWNTREE APARTMENTS IN DALLAS

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DALLAS — Steadfast Income REIT has acquired the 400-unit Dawntree apartment community in Dallas for $24 million. The complex was 97 percent occupied at the time of sale. Dawntree offers both one- and two-bedroom apartments, of which 20 percent have been renovated with new appliances and large-slat wood blinds, as well as a swimming pool, tennis court, barbeque and picnic area, clubhouse and fitness center. Steadfast announced this purchase in conjunction with its purchase of Tapestry Park in Birmingham, Ala. for $32.4 million and now boasts 45 properties in 11 states.

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