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Sentinel Closes on $532M America First Acquisition

NEW YORK CITY-The acquisition of all the common shares of America First Apartment Investors will add more than 7,000 apartments to Sentinel's portfolio.

By Natalie Dolce | Updated on September 19, 2007

(Read more on the multifamily market and more on the debt and equity markets.)

NEW YORK CITY-Sentinel Omaha LLC, a fund managed by locally based Sentinel Real Estate Corp., has closed on the acquisition of all of the common shares of locally based America First Apartment Investors Inc., a multifamily REIT, in a transaction valued at $532 million, including the assumption of outstanding debt, according to Sentinel, as GlobeSt.com previously reported. The transaction was approved on Sept. 12 by America First shareholders.

According to the terms of the acquisition agreement, shareholders will receive $25.30 in cash for every common share held. As previously announced, APRO shareholders of record on Sept. 17 will also receive a prorated quarterly dividend payment in the amount of $0.23 per share. The America First portfolio includes apartments in mostly Southeast and Midwest states, such as the Greenhouse, a 126-unit mid-rise at 900 Farnam St. in Downtown Omaha, purchased in 2006.

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