Coastal Realty Business Trust initiated a tender offer to acquire up to 4 million shares of common stock from Steadfast Income REIT Inc.’s shareholders at a purchase price of $6.00 per share.
However, the REIT’s shareholders agreed to sell 8,836.07 shares, or approximately 0.01 percent of the total outstanding shares.
Steadfast Income REIT, a publicly registered non-traded real estate investment trust that focuses on apartment communities, closed its initial public offering on December 20, 2013. The REIT was initially capitalized on June 12, 2009 pursuant to the sale of 22,223 shares of common stock to Steadfast REIT Investments LLC at a purchase price of $9.00 per share, for an aggregate purchase price of $200,007. On March 10, 2015, the board of directors determined an estimated value per share of $10.35, as of December 31, 2014.
As of March 31, 2015, the REIT owned 65 multifamily properties comprising a total of 16,526 apartment homes, as well as an additional 25,973 square feet of rentable commercial space at three properties.