IRVINE, Calif., Oct. 06, 2015 – Steadfast Apartment REIT, Inc. (“STAR”) announced that its board of directors has determined to discontinue STAR’s ongoing initial public offering on or before March 24, 2016. As of September 29, 2015 STAR had received approximately $403 million in gross offering proceeds and invested approximately $932 million in 24 apartment communities containing 7,891 units in 11 states.
“We are exceedingly pleased with how our portfolio is performing and that, by March 31, 2016, we will be providing shareholders with an estimated value per share of our common stock in our 2015 annual report that will be based on the valuations of the company’s assets and liabilities as of December 31, 2015.” said Ella Neyland, president of Steadfast Apartment REIT.
About Steadfast Apartment REIT
Steadfast Apartment REIT intends 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.
Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.
This release contains certain forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of Steadfast Apartment REIT’s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.