Sentinel Omaha Buying America First

America First Apartment Investors, an Omaha, Neb.-based real estate investment trust, is being acquired by Sentinel Omaha for about $532 million, including the assumption of debt, in a deal that will take the multifamily REIT out of the publicly traded arena.Sentinel Omaha, an affiliate of the privately held Sentinel Real Estate Corp., is paying $25.40 in cash for each America First common share, the REIT reported. This represents a 24.9% premium over America First's recent share price on April 2, just prior to its announcing plans to explore its strategic alternatives with the help of Lazard Freres, the REIT said. David Weiner, vice chairman of Sentinel Real Estate, said he expects the REIT's portfolio to complement Sentinel's existing portfolio. He said he also expects to see "significant economies of scale" by integrating the REIT's approximately 7,000 units with the approximately 50,000 units Sentinel currently manages.