Steadfast Income REIT purchases Des Moines Park Place Apartments
Posted on Tuesday, December 28th, 2010 at 3:57 am
Steadfast Income REIT, Inc., based out of Irvine, California, recently purchased 147 units in the Park Place Apartments in downtown Des Moines, Iowa. Park Place was built in 1986 and is a 16-story high-rise building located at 615 Park Street in the middle of the city’s business district.
Steadfast Income REIT is a real estate investment company that purchases and manages properties in the U.S. and Mexico. Park Place Apartments has 158 units, 11 of which are privately owned and were not included in the real estate transaction with Steadfast. The transaction was financed with proceeds earned by Steadfast in their recent public offering.
CEO and President of Steadfast Income REIT Rodney F. Emery said of the purchase, “We feel that the favorable aquisition terms negotiated by the REIT coupled with the property’s many attributes position it to produce immediate income. Additionally, Steadfast Management Company will manage the property and will seek opportunities to strategically add value as part of the overall asset stratgey”.
If you have questions about negotiating a real estate transaction, contact the Des Moines real estate litigation attorneys of LaMarca Law Group, P.C. at (877) 327-2600 today to learn more about real estate law.