Source: Steadfast Apartment REIT / #Apartments #Multifamily
IRVINE, CA - Steadfast Apartment REIT, Inc. has commenced its initial public offering of $1.1 billion in common stock. The registration statement relating to the offering of common stock was declared effective by the Securities and Exchange Commission on December 30, 2013.
Steadfast Apartment REIT intends to elect to qualify as a real estate investment trust (REIT) for federal income tax purposes, and is offering up to $1 billion in shares of its common stock for sale at $15.00 per share and up to an additional $100 million in shares of its common stock under its distribution reinvestment plan at $14.25 per share.
Steadfast Apartment REIT intends to use the proceeds from its continuous offering to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. The company’s objectives are to realize capital appreciation in the value of investments over the long term and pay an attractive and stable cash distribution to shareholders.
Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico. Steadfast Capital Markets Group, the securities and financial services division of Steadfast Companies, is the dealer manager and will distribute the product through retail broker-dealers and investment advisors.