Independence Realty Trust, Inc. Acquires Arkansas Apartment Community
December 17 2014 - 9:00AM
Business Wire
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
Independence Realty (NYSE:IRT)
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