Independence Realty Trust Acquires Indianapolis, IN Apartment Community
May 08 2015 - 2:01PM
Business Wire
Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today
announced that, on May 1, 2015, IRT acquired an apartment community
located in Indianapolis, Indiana for a purchase price of
approximately $25.3 million. IRT used available cash to acquire the
community. RAIT Residential will provide the property management
services for this apartment community.
Located in Indianapolis, Indiana, the 236 unit apartment
community was constructed in 2004 and has an average unit size of
1,015 square feet. As of April 30, 2015, the occupancy of the
property was 91% and it had an average effective rent per occupied
unit of $925 for the three months ending March 31, 2015.
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 non-gateway markets that 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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