Steadfast Apartment REIT, Inc. acquired Stoneridge Farms from Fireside Stoneridge LLC for $47.8 million on December 30, 2015. Steadfast Apartment funded the payment of the purchase price with the proceeds from Steadfast Apartment's ongoing initial public offering of up to $1.1 billion. An acquisition fee of approximately $0.51 million was earned by Steadfast Apartment REIT's advisor in connection with the acquisition. Steadfast Apartment REIT has engaged SMC to serve as the property manager and PCL to serve as the construction manager for the Stoneridge property.

Steadfast Apartment REIT, Inc. completed the acquisition of Stoneridge Farms from Fireside Stoneridge LLC on December 30, 2015.