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Shareholders Approve Merger of Independence, Steadfast Multifamily REITs
Steadfast Apartment REIT (STAR) and Independence Realty Trust (IRT) said separately on Monday that shareholders had approved the merger of the two companies. The combination, first announced in July, is expected to create a company with a pro forma equity market capitalization of approximately $4 billion and a pro forma total enterprise value of approximately $7 billion.
The 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, with IRT the surviving publicly traded company. It’s expected to close on Dec. 16.
“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,” Scott F. Schaeffer, IRT’s chairman and CEO, said when the merger was first announced.
Pictured: Lucerne Apartment Homes, Brandon, FL, part of the IRT portfolio.
- ◦Sale/Acquisition
