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Steadfast Apartment REIT III Closes Primary Offering

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, closed its primary offering on August 31, 2018.

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, closed its primary offering on August 31, 2018.

Its initial public offering, which was declared effective on February 5, 2016, offered up to $1 billion shares of common stock and $300 million in distribution reinvestment plan shares. At closing, the company had raised $203.6 million in investor equity, including $6.1 million in DRIP shares.

Steadfast Apartment REIT III was formed to acquire and operate a portfolio of institutional-quality multifamily and senior-living apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. The company’s portfolio is comprised of 10 multifamily properties purchased for a combined $400.3 million, according to Summit Investment Research.

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