Independence Realty Trust (IRT) and Steadfast Apartment REIT, Inc. (STAR) have plans to merge.
The merger will join two high-quality portfolios with complementary geographic footprints in the highly desirable Sun Belt region of the United States. The combined company is expected to have a pro forma equity market capitalization of approximately $4 billion and a pro forma total enterprise value of approximately $7 billion.
IRT stockholders are expected to own approximately 50 percent of the combined company’s equity, and STAR stockholders are expected to own approximately 50 percent.
The proposed merger will create a portfolio of 131 multifamily apartment properties comprising approximately 38,000 units in urban and suburban locations in Georgia, North Carolina, Tennessee, Kentucky, Ohio, Oklahoma, Indiana, Texas, Florida, South Carolina, Missouri, Alabama, Colorado, Kansas, Illinois and Virginia. The combined company’s 10 largest markets by unit count would b