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Steadfast Income REIT gets unsolicited mini-tender offer from MacKenzie Realty

Steadfast Income REIT Inc. disclosed that it received an unsolicited mini-tender offer for up to 1.0 million shares, or about 1.34%, of the company's outstanding common stock.

MacKenzie Realty Capital Inc. is offering to buy the shares at $5.75 apiece in cash.

The multifamily real estate investment trust said it is recommending against the proposed transaction, as it believes the offer is "an opportunistic attempt" to buy the shares at a low price.

The offer will expire at 11:59 p.m. PT on Oct. 1, unless extended.