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Steadfast Apartment REIT III Closes Public Offering

September 6, 2018

Steadfast Apartment REIT III Closes Public Offering

September 5, 2018 | James Sprow | Blue Vault

On August 31, 2018, Steadfast Apartment REIT III, Inc. (the “Company”) terminated its primary offering of up to $1,000,000,000 in shares of common stock. As of August 31, 2018, the Company had received and accepted investors’ subscriptions for and 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 in the Company’s public offering, resulting in gross offering proceeds of approximately $203,580,011, including $6,147,126 in shares issued pursuant to the Company’s distribution reinvestment plan. Following the termination of the primary offering, the Company continues to offer shares of its common stock pursuant to its distribution reinvestment plan. As of August 31, 2018, approximately 46,248,280 shares of the Company’s common stock remained available for sale to the public pursuant to the distribution reinvestment plan.

Steadfast Apartment REIT III, Inc. commenced its initial public offering of common stock on February 5, 2016. In its initial public offering, the Company offered up to $1,000,000,000 in shares of common stock to the public in the primary offering, and up to $300,000,000 in shares of common stock pursuant to the Company’s distribution reinvestment plan, consisting of Class A common shares, Class R common shares and Class T common shares.

As of June 30, 2018, the Company had 10 properties with 2,775 multifamily units that were 93.3% leased. The Company paid distributions on its common stock at the rates of 6.00%, 6.45% and 5.17% for Class A, Class R and Class T shares, respectively, net of fees and based upon the offering prices per share of $25.00, $22.50 and $23.81, respectively. The REIT now has a positive cumulative MFFO since inception and a ratio of cash distributions (excluding DRIP proceeds) to MFFO of 239% over the last four quarters.

Sources:  SEC, Blue Vault

 

Learn more about Steadfast Companies on the Blue Vault Sponsor Focus page

 

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