Independence Realty Trust completed the merger with Steadfast Apartment REIT in a $7bn deal.

Independence Realty Trust, a real estate investment trust that owns and operates multifamily apartment properties across non-gateway US markets, completed the merger with Steadfast Apartment REIT, a real estate investment trust company, in a $7bn deal. “Our combined company creates a best-in-class operating platform, further redevelopment opportunities and notable economies of scale in markets where we expect to benefit from strong growth fundamentals. We remain on-track to generate approximately $28m in annual synergies and realize the immediate accretion to Core FFO per share. Our future is bright as we unite two high-quality portfolios in attractive non-gateway markets, and look to strengthen and expand our business, while delivering long-term value for our stakeholders," Scott F. Schaeffer, IRT Chairman and CEO.