California REIT buys Spring Hill apartments

A newly formed California real estate investment trust has snapped up a Maury County apartment complex as its first acquisition. Steadfast Apartment REIT has paid $14.2 million for the Villages at Spring Hill, a 176-unit complex on Kedron Parkway in Spring Hill that is 95 percent occupied. Units at the complex, which was built in 1994, average 916 square feet and fetch rents of $808.

SEE ALSO: Word of two local 2013 acquisitions by another Steadfast REIT