OAKLAND, CA—Starwood Waypoint Residential Trust said Thursday that its shareholders had voted in favor of both the proposed merger with Colony American Homes and the proposed internalization of its management. The merger, the first major combination in the single-family rental REIT sector to be announced, is expected to close in January 2016.

The combined company will be re-named Colony Starwood Homes and will continue to be traded on the New York Stock Exchange under a new ticker symbol, SFR. It's expected to own and manage over 30,000 homes and have an aggregate asset value of $7.7 billion post-merger. Former SWAY shareholders will own 41% of the company, while former Colony American shareholders will own 59%.

Barry Sternlicht, CEO and chairman of Starwood Capital Group, called the union "a transformative event for SWAY and for our industry" when it was announced this past September. Sternlicht and Thomas J. Barrack Jr., executive chairman of Colony Capital Inc., will serve as non-executive chairmen of the combined company, which will use SWAY's manager, SWAY Management LLC.

Fred Tuomi, president and COO of Colony American, will serve as CEO, while SWAY's CEO, Doug Brien, will serve as president and COO. Arik Prawer, CFO at Colony American, will serve as in the same capacity at the combined company. Its corporate and operational headquarters will be in Scottsdale, AZ, while maintaining a significant presence in Oakland, CA, where SWAY currently is headquartered.

Earlier this month, news arrived of the SFR sector's second major consolidation, as American Homes 4 Rent and American Residential Properties Inc. said they had agreed to merge. The tax-free combination is valued at $1.5 billion.