Independence Realty Trust, Inc. (“IRT”) (NYSE MKT:IRT) today announced that, on December 16, 2014, IRT acquired an apartment community located in Little Rock, Arkansas for a purchase price of $31.6 million. RAIT Residential will provide the property management services for this apartment community.

Located in Chenal Valley, the 260 unit apartment community was constructed in 2005 and has an average unit size of 962 square feet. As of December 12, 2014, the occupancy of the property was 95% and it had an average monthly effective rent per occupied unit of $926 for the three months ending November 30, 2014.

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 23% of IRT’s outstanding common stock.

Independence Realty Trust, Inc.Andres Viroslav, 215-243-9000aviroslav@irtreit.com

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