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Steadfast Apartment REIT closes mergers with 2 Steadfast-backed REITs

Steadfast Apartment REIT Inc. closed its mergers with fellow multifamily real estate investment trusts Steadfast Income REIT Inc., or SIR, and Steadfast Apartment REIT III, or STAR III.

Steadfast Apartment has roughly $3.4 billion in gross real estate asset value following the mergers.

Following completion, stakeholders of Steadfast Apartment, SIR and STAR III own about 48.1%, 40.6% and 11.3% of the merged entity, respectively.

BMO Capital Markets was financial adviser to SIR's special committee of its board.

Houlihan Lokey was financial adviser to STAR III's special committee of its board, while Robert A. Stanger & Co. Inc. was financial adviser to Steadfast Apartment board's special committee.

Proskauer Rose LLP was legal counsel to SIR's special committee, while DLA Piper US LLP offered legal counsel to STAR III's special committee.

Venable LLP was legal counsel to Steadfast Apartment's special committee, while Morrison & Foerster LLP offered legal counsel to the company.