Steadfast Cos., a vertically integrated multifamily real estate investment firm, has launched Steadfast Direct, a platform designed to bring institutional-quality opportunities directly to accredited investors.
Steadfast Direct comes at a key time for the firm, which paused acquisitions from 2020 to 2023. According to the firm, it has returned to the acquisition space with a disciplined approach, targeting multifamily properties at attractive prices during the market reset.
“Our investors count on us to know when to lean in and when to hold back,” said CEO Rod Emery. “We waited when valuations no longer made sense. Today, the landscape is entirely different—distressed sellers, repriced assets, and a window of opportunity to buy well and build lasting value.”
The platform’s first investment is Estraya Boerne, a Class A multifamily community in Boerne, Texas, north of San Antonio. The 288-unit property was acquired below replacement cost through a distressed sale. Deal highlights include:
- Long-term fixed-rate financing at 5.59% is provided through Freddie Mac;
- 100% property tax abatement under a 75-year Public Facility Corp. ground lease;
- Stabilized occupancy increased from 78% at acquisition to 95% today;
- Steadfast and its partners contributed approximately 28% of total equity; and
- Targeted returns include 6.5% priority cash yield, 13.96% net internal rate of return, and 1.80x equity multiple over a five-year hold.
“Estraya Boerne represents the type of opportunity we believe investors want today—stabilized, income-producing, and structured with risk mitigation at the forefront,” noted chief investment officer Bill Stoll. “Our goal is to preserve capital, generate durable cash flow, and deliver reliable outcomes through cycles.”
Since its founding in 1994, Steadfast has acquired, development, or managed over 55,000 apartments across 22 states, raising $1.7 billion in equity capital.