Steadfast Apartment REIT IPO to Close Next Year

Steadfast Apartment REIT Inc., a publicly registered, non-traded real estate investment trust, announced that its board of directors will discontinue its $1 billion ongoing initial public offering on or before March 24, 2016.

“We are exceedingly pleased with how our portfolio is performing and that, by March 31, 2016, we will be providing shareholders with an estimated value per share of our common stock in our 2015 annual report that will be based on the valuations of the company’s assets and liabilities as of December 31, 2015,” said Ella Neyland, president of Steadfast Apartment REIT.

Steadfast Apartment REIT intends 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. As of September 29, 2015, the REIT had received approximately $403 million in gross offering proceeds and invested approximately $932 million in 24 apartment communities containing 7,891 units in 11 states.

For more Steadfast related news, visit their directory page here.