MoFo News Item

MoFo Advises Steadfast Apartment REIT, Inc. (STAR) in Merger with Independence Realty Trust, Inc.

26 Jul 2021

Morrison & Foerster advised Steadfast Apartment REIT, Inc. (“STAR”) in connection with the definitive merger agreement under which STAR will merge with and into Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”), with IRT surviving as the continuing public company.

STAR is a non-traded public real estate investment trust that was formed 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.

The merger, which was announced on July 26, 2021, will join together two high-quality portfolios with complementary geographic footprints in the highly desirable Sunbelt region of the U.S. On a pro forma basis, the combined company will own a portfolio of 131 apartment communities comprising 38,000 units across 16 markets. 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. The parties currently expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including stockholder approval by STAR and IRT.

The MoFo team advising STAR in the transaction was led by corporate partner Heath Linsky, together with corporate associates Mary Katherine Rawls, Tyler Miller, Paul J. Aylward II, New York corporate partner Larry Medvinsky, and Washington, D.C. corporate partners Justin Salon and Andrew Campbell; San Diego tax partner Shane Shelley, New York tax partner Domnick Bozzetti, and associates Philip Jaworskyj and Kristie Espiritu; Washington, D.C. employment + labor of counsel Andrew Turnbull; and Los Angeles real estate partner Thomas Fileti and of counsel Susannah Cupp, and New York of counsel Tushna Gamadia.

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