California REIT buys South Nashville apartments

Purchase of Keystone Farms is Steadfast's first foray into Tennessee

A California REIT has entered the Nashville market with an $8.4 million purchase of an Edmonson Pike apartment complex.

Steadfast Income REIT purchased the 15-year-old 90-unit Keystone Farms complex from Chapparal Investments, another California company. The Kirkland Company was the broker on the deal.

The complex, which sits on 9.4 acres, is fully occupied. The purchase was made as part of a year-end push by Steadfast, ending a busy year for the company.

"Our December acquisitions capped a banner year for the company," said Ella Neyland, president of Steadfast. "In 2012 we added 22 properties with over 5,400 apartment homes for $500 million, and expanded into five new Midwestern and Southern states."

Keystone Farms last sold in 2006 for nearly $7.5 million.