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Multifamily REITs Independence, Steadfast Strike $7B Merger Agreement
Independence Realty Trust, Inc. (IRT) and Steadfast Apartment REIT, Inc. (STAR) said Monday afternoon that they had agreed to merge, with IRT surviving as the continuing public company. The combined company is expected to have a pro forma equity market capitalization of approximately $4 billion and a total enterprise value of approximately $7 billion.
The proposed merger will create a portfolio of 131 multifamily apartment properties comprising approximately 38,000 units in urban and suburban locations in the Sunbelt region and Midwest. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas/Ft. Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis.
Scott F. Schaeffer, IRT’s chairman and CEO, said, “The combination of IRT and STAR’s highly complementary portfolios will create a leading multifamily REIT in the attractive Sunbelt region, that we believe will be well-positioned to unlock significant value and improve our market diversification.”
Pictured: Eleven10 at Farmers Market in Dallas, part of the Steadfast portfolio.
- ◦Sale/Acquisition
