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Steadfast Apartment REIT III terminates primary offering

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Steadfast Apartment REIT III terminates primary offering

Multifamily real estate investment trust Steadfast Apartment REIT III received gross proceeds of about $203.6 million in its IPO of up to $1.3 billion of its shares.

The company commenced its IPO on Feb. 5, 2016, offering $1.0 billion of common shares under a primary offering and $300.0 million of shares under a distribution reinvestment plan.

Steadfast Apartment terminated its primary offering Aug. 31, at which point it had issued 3,460,167 shares of class A common stock, 471,579 shares of class R common stock and 4,532,864 shares of class T common stock under the offering.

However, about 46,248,280 shares remain under the company's distribution reinvestment plan.