Affiliates of MacKenzie Realty Capital Inc. have launched a tender offer to purchase up to 1 million shares of Steadfast Income REIT Inc., a publicly registered non-traded real estate investment trust, for $5.75 each. The offer expires on October 1, 2018.
The MacKenzie offering price is approximately 41.6 percent lower than Steadfast Income REIT’s most recent estimated NAV per share of $9.84. Shares of the REIT originally sold for $10.00 each.
MacKenzie currently owns approximately 94,600 of the company’s outstanding shares of common stock, and if all shares in the current offer are tendered, the REIT will pay approximately $5.7 million and own nearly 1.5 percent of the outstanding shares.
Steadfast Income REIT invests primarily on the multifamily sector, including stable, income-producing and value-added properties. The company launched its initial public offering in July 2010 and concluded the offering in December 2013 after raising $745 million in investor equity.