Steadfast Apartment REIT, Inc. (“STAR”) has emerged as a new single-balance sheet, management structure and operating entity for Irvine, CA-based Steadfast Companies multifamily housing investments. The merger plan was originally announced late summer 2019.

The merger of its Steadfast Income REIT, Inc. (“SIR”) and Steadfast Apartment REIT III, Inc. (“STAR III”) into STAR creates a combined portfolio valued at approximately $3.4 billion. The company owns and/or operates more than 27,915 units in 17 states across the country, according to its website.

Regarding the new structure, STAR Chairman Rodney F. Emery, “As a result, STAR has an enhanced and diversified portfolio that is concentrated in high-growth markets. Additionally, we now expect better access to attractive capital sources that can be used to drive future growth opportunities.”

“We look forward to pursuing additional value creation opportunities as a robust company with increased cash flow and a strong balance sheet,” added Ella Neyland, president of Steadfast Apartment REIT.

Photo Credit: Steadfast Meritage, Austin, TX

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