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California  + Orange County  + Apartments  | 

Steadfast Merging Three REITs, Creates $3.3B Entity Focused on MFs

Irvine, CA-based Steadfast Apartment REIT, Inc. is acquiring Steadfast Income REIT, Inc. (SIR) and Steadfast Apartment REIT III, Inc. (STAR III) in separate stock-for-stock, tax-free transactions, creating a combined company with roughly $3.3 billion in gross real estate assets.

Steadfast’s Rodney F. Emery says, “We believe the strategic merger of these three highly complementary portfolios with similar investment strategies will create an enhanced and diversified portfolio, concentrated in high growth markets.”

The transactions are expected to close Q1 2020. If the mergers were to occur today, the portfolio would consist of 71 properties in 14 states, including a presence in seven of the top 20 real estate investment markets, such as Dallas, Nashville and Austin, and would rank Steadfast among the top 50 U.S. apartment owners.

Special committees of independent directors, as well as independent financial and legal advisors, recommended approval of the merger agreements, which were unanimously approved by their respective Boards of Directors.

Connect Orange County is coming up on August 22nd at The Resort at Pelican Hill in Newport Coast. More information about the event and registration information can be found here.

*Pictured Steadfast Income REIT’s Forty57 property in Lexington, KY

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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