Independence Realty Trust (NYSE: IRT) , a multifamily real estate investment trust (REIT), has been anxiously awaiting the approval of the merger with Steadfast Apartment REIT . The company announced the plan to combine portfolios with Steadfast REIT earlier this year, but the transaction needed the blessings of shareholders.
On Dec. 13, the acquisition was cleared at a special meeting of stockholders, with the closing on Dec. 16. The combination will double IRT's portfolio and give it significantly more exposure to the fast-growing Sun Belt market .
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For further details see:
Why This Merger Means Big Growth for This Apartment Stock