Steadfast Apartment Real Estate Investment Trust has acquired The Arbors at Brookfield, a 702-unit apartment community in Mauldin. The $66.8 million purchase marks Steadfast’s entry into the South Carolina market.
The apartment community is currently 94.9 percent occupied with an average rent of $766 per month.
The Arbors at Brookfield sits on 50 acres and was constructed between 1989 and 1997. It is comprised of 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room.
Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes.
In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center.
With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.
Image provided by The Arbors at Brookfield.