Steadfast Apartment REIT, Inc. agreed to acquire Foundations by the Vineyard from AP WP SERAMONT REIT LLC for $52.2 million on June 29, 2015. The acquisition was financed with a combination of proceeds from Steadfast Apartment's ongoing public offering and an advance in the aggregate principal amount of $39.15 million loan from the revolving credit facility with PNC Bank, National Association. Foundations by the Vineyard will be renamed to Monticello by the Vineyard post the acquisition. The acquisition is expected to close on September 10, 2015. As of September 4, 2015, the closing was postponed till September 23, 2015. Richard K. Martin of Haynes and Boone, LLP acted as legal advisor to for AP WP SERAMONT REIT LLC and Marcello F. De Frenza of Garrett DeFrenza Stiepel Ryder LLP acted as legal advisor to Steadfast Asset Holdings. An acquisition fee of approximately $0.56 million and a loan coordination fee of approximately $0.39 million were earned by Steadfast Apartment Advisor, LLC, the advisor in connection with the acquisition and financing of the property. CBRE acted as broker for AP WP SERAMONT REIT LLC. Howard C. Huang of Ares Management LLC acted for AP WP SERAMONT REIT LLC.

Steadfast Apartment REIT, Inc. completed the acquisition of Foundations by the Vineyard from AP WP SERAMONT REIT LLC on September 23, 2015. As of September 23, 2015, Steadfast Asset Holdings, Inc. assigned the agreement to Steadfast Apartment REIT, Inc.