An affiliate of Steadfast Income REIT Inc. has paid $12.75 million, or about $108,051/unit, for Library Lofts East in Kansas City, Mo. The property has 118 apartment units as well as 17,000 square feet of commercial space.

The purchase price results in a 7 percent capitalization rate.

Steadfast, an Irvine, Calif., REIT, whose shares do not trade on any exchange, purchased the property with proceeds from its ongoing public offering. The REIT has raised about $260.78 million as of the first...