Steadfast’s Investment Thesis: Our Case for Multifamily Read The Thesis >

Built on 30+ Years of Multifamily Experience

Our track record reflects more than results—it reflects alignment, accountability, and the confidence of investors who return deal after deal.
icon-houses-perf 55,000+ apartment units managed
icon-handshake-perf $8B in Total Assets Acquired
icon-briefcase-perf 20 years of leadership tenure on average
icon-chart-perf 33.1% Historical IRR
perf-hero-img

A Track Record Built on Discipline and Results

Over three decades, Steadfast has delivered consistent, risk-adjusted performance—spanning REITs, private offerings, and affordable housing investments. Historical results include double-digit annual returns and multiple full-cycle realizations across diverse multifamily strategies.
Individual Private Multifamily Properties

Encompassed privately held market-rate apartment communities acquired, managed, and sold by Steadfast outside its REIT programs.

  • 37 properties
  • 9,622 units
41.8%
Realized IRR
1.7x
Equity Multiple over 4.1 years
Steadfast Affordable Apartments

Includes a nationwide mix of affordable and mixed-income apartment communities developed, owned, and managed by Steadfast over multiple decades.

  • 68 properties
  • 9,589 units
21.4%
Realized IRR
3.1x
Equity Multiple over 9.6 years
Steadfast Apartment REIT (“STAR”) - IRT Merger

STAR REIT properties valued at $4.68 billion that merged with Independence Realty Trust in 2021.

  • 68 properties
  • 21,394 units
13.2%
Realized IRR
Steadfast Apartment REIT (“STAR”) - non-IRT

Represents the portion of the STAR REIT portfolio that remained privately held by Steadfast following the IRT merger.

  • 51 properties
  • 12,335 units
15.7%
Realized IRR
1.6x
Equity Multiple over 5.2 years
icon-quote-blue

At Steadfast, we’ve navigated multiple market cycles over the past three decades. Today, the multifamily sector presents a rare window of opportunity—defined by resilient demand, evolving supply, and favorable pricing. Our goal remains the same: preserve capital, generate durable cash flow, and build wealth over time.

– Bill Stoll, Chief Investment Officer

The Steadfast Difference

What makes our approach distinct is how we align with investors:

icon-handshake-green

Alignment of Interests:

We acquire assets first with our own capital, start to stabilize operations, and secure long-term financing before inviting outside capital.
icon-investment

Skin in the Game:

Steadfast and its principals invest 10-20% of the required equity in every deal.
icon-ribbon

Minimal Fees, Performance-Based Incentives:

We succeed when you succeed—our incentives activate only after investors receive projected distributions.
icon-integrated

Fully Integrated Platform:

Acquisition, asset management, property management, reporting, and investor relations all under one roof, ensuring accountability and execution quality.

Our Investment Thesis:

Why Multifamily, Why Now

The U.S. multifamily market is undergoing a pricing reset, creating attractive entry points for long-term investors. Steadfast Direct targets suburban, renter-driven communities with durable demand, focusing on stabilized or light value-add properties that generate immediate cash flow and moderate upside.
KEY PILLARS OF OUR THESIS:
icon-timing

Favorable Timing:

Apartment values are ~22% below peak, with supply peaking in 2025 and tightening thereafter.
icon-underwriting

Conservative Underwriting:

Stress-tested models with no “heroic” assumptions—deals must achieve 125% debt service coverage from day one.
icon-eye

Focused Strategy:

Acquire suburban Class B+ assets with light value-add potential in high-growth, supply-constrained markets.
icon-alignment

Alignment:

Steadfast invests alongside you, ensuring shared risk and reward.

How We Measure Performance

All performance metrics shown on this page reflect net investor returns after fees, and are based on realized investments with fully completed capital events. IRRs and multiples are calculated using actual cash flow distributions and final exit proceeds.
Talk to our team