DLA Piper advises Rastegar in launch of Rastegar Opportunity REIT and US$200 million share offering

DLA Piper represented Rastegar Property Company, LLC, a technology-enabled private real estate investment firm, in its launch of the Rastegar Opportunity REIT, Inc. (“the REIT”), a US$200 million private real estate investment trust offering shares pursuant to Rule 506(c) of Regulation D.

The REIT intends to use the net proceeds of the offering to invest primarily in vintage multifamily and other opportunistic real estate assets throughout the Sun Belt region of the Southern United States. The Sun Belt consists of 18 states covering the lower third of the United States and includes seven of the ten largest cities, as well as many midsize metropolitan statistical areas. The REIT expects to employ active management to renovate, reposition, re-lease and/or develop assets to add value.

“We were pleased to bring our extensive real estate capital markets capabilities and experience advising on REIT formations to Rastegar with respect to the REIT’s formation and common stock offering,” said Darryl Steinhause, the DLA Piper partner who led the firm’s deal team.

In addition to Steinhause, the DLA Piper team representing Rastegar included attorney Elaine Hernandez (both of San Diego).

DLA Piper advises on all aspects of financing, across borders, sectors and financial products. The firm’s lawyers advise publicly traded REITs, private REITs, and real estate operating and finance companies in all stages of their life cycles, from REIT formation, roll up transactions, and initial public offerings to secondary debt and equity offerings, OP unit and down REIT transactions, complex acquisition and financing transactions, and M&A transactions.