First Offering, Estraya Boerne, Opens Following Sponsor-Led Acquisition and Stabilization
Steadfast Companies, a vertically integrated multifamily real estate investment firm with more than $8 billion in transaction history, today announced the launch of Steadfast Direct, a new platform designed to bring institutional-quality multifamily opportunities directly to accredited investors.
Steadfast Direct launches at an important moment. After pausing acquisitions from 2020 to 2023, Steadfast is back with a disciplined approach, targeting properties at attractive prices during today’s market reset.
“Our investors count on us to know when to lean in and when to hold back,” said Rod Emery, CEO of Steadfast Companies. “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.”
Unlike many sponsors who raise capital before securing assets, Steadfast acquires and begins stabilizing each property with its own balance sheet before opening participation to investors. Every deal includes at least 10–20% sponsor co-investment, ensuring alignment of interests.
First Offering: Estraya Boerne
The platform’s debut investment is Estraya Boerne, a 288-unit, Class A multifamily community in Boerne, Texas, just north of San Antonio. Key highlights include:
- Acquired below replacement cost through a distressed sale
- Stabilized occupancy from 78% at acquisition to over 95% today
- Long-term fixed-rate Freddie Mac financing at 5.59%
- 100% property tax abatement under a 75-year Public Facility Corporation (PFC) ground lease (~$1M in annual savings)
- Strong sponsor alignment with Steadfast and its principals contributing ~28% of total equity
- Targeted returns: 6.5% priority cash yield, 13.96% net IRR, and 1.80x equity multiple over a 5-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,” said Bill Stoll, CIO of Steadfast Companies. “Our goal is to preserve capital, generate durable cash flow, and deliver reliable outcomes through cycles.”
A Track Record Built Through Cycles
Founded in 1994, Steadfast has acquired, developed, or managed more than 55,000 apartment units across 22 states, raising over $1.7 billion in equity capital. The firm has completed over 50 private and public investment programs, including multiple full-cycle non-traded REITs, and has delivered repeat participation from thousands of investors.
