Irvine-based Steadfast Cos. will merge three non-traded real estate investment trusts into one entity with $3.3 billion in assets, including 71 properties across 14 states.
The new REIT will continue to focus on multifamily properties with an increased emphasis on moderate-income apartments.
Chairman Rod Emery said the move would increase cash flow and diversify holdings.
For more on the new REIT, see the Aug. 19 print edition of the Business Journal.
