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Independence Realty Trust (IRT) and Steadfast Apartment REIT (STAR) have announced a merger that will have a pro forma enterprise value of $7 billion and create a combined company that will own approximately 38,000 apartment units across 131 communities in 16 states. It will also become a top three publicly traded multifamily REIT focused on the Sunbelt region.

Under the terms of the agreement, STAR will merge with and into IRT, with IRT continuing as the surviving public company after the transaction closes in the fourth quarter. The new company is slated to have a pro forma equity market capitalization of approximately $4 billion. Morrison & Foerster LLP advised Steadfast Apartments in the deal.

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