Independence Realty Trust Acquires Austin, Texas Apartment Community
January 06 2015 - 8:30AM
Business Wire
Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today
announced that, on December 30, 2014, IRT acquired an apartment
community located in Austin, Texas for a purchase price of
approximately $35.3 million. IRT used approximately $26.7 million
of cash and issued IRT operating partnership common units valued at
approximately $8.6 million to acquire the community. RAIT
Residential will provide the property management services for this
apartment community.
Located in Austin, Texas, the 300 unit apartment community was
constructed in 2001 and 2002 and has an average unit size of 1,055
square feet. As of November 20, 2014, the occupancy of the property
was 96% and it had an average effective rent per occupied unit of
$1,146 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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