Independence Realty Trust, Inc. Acquires Tennessee Apartment Community
September 18 2014 - 4:05PM
Business Wire
Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today
announced that, on September 15, 2014, IRT acquired an apartment
community located in Memphis, Tennessee for a purchase price of
$29.8 million.
IRT funded the purchase price with a portion of the net proceeds
of IRT’s offering of its shares of common stock completed in July
2014 and its available cash. RAIT Residential, a RAIT subsidiary,
will provide the property management services for this apartment
community.
The Memphis, Tennessee property is located in Cordova, a top
submarket of Memphis, Tennessee and is a desirable, supply
constrained area where the average household income within one mile
of the property is approximately $73,452. The 500 apartment
unit-community was constructed in 1994 and has an average unit size
of 900 square feet. As of September 7, 2014, the occupancy of the
property was 95% and it had an average effective rent per unit of
$707.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate
investment trust that seeks to own well-located apartment
properties in geographic submarkets that it believes support strong
occupancy and the potential for growth in rental rates. IRT seeks
to provide stockholders with attractive risk-adjusted returns, with
an emphasis on distributions and capital appreciation. Subsidiaries
of RAIT Financial Trust (NYSE: RAS) serve as IRT’s external advisor
and property manager and RAIT affiliates collectively own
approximately 28% of IRT’s outstanding common stock.
Independence Realty Trust, Inc.Andres Viroslav,
215-243-9000aviroslav@irtreit.com
Independence Realty (NYSE:IRT)
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