Mark Mueller, Orange County Business Journal

Irvine, CA: - Irvine-based Steadfast Cos. has kicked off an initial public offering for a real estate investment trust that’s looking to buy apartments and other commercial properties.

The Steadfast Income REIT Inc. became effective last month; it’s looking to raise as much as $1.65 billion in total, but will start looking to buy properties once it raises more than $2 million.

The trust has been in the works with the Securities and Exchange Commission since July 2009.

Apartments should make up as much as 75% of the investment vehicle’s portfolio, with industrial properties also being targeted.