Independence Realty Trust, Inc. Completes Acquisition of Four Communities
September 26 2017 - 4:05PM
Business Wire
Independence Realty Trust, Inc. (NYSE:IRT) (“IRT”) today
announced the acquisition of four multifamily apartment
communities, aggregating 917 units, representing the first phase of
its previously announced acquisition of a nine community
portfolio.
The remaining five communities are expected to close in
succession during the fourth quarter of 2017, after and subject to
the satisfaction of customary closing conditions, as well as the
debt assumption process on three of the five communities.
“We are excited to announce the completion of the first phase of
the portfolio acquisition and the implementation of our operational
strategy to unlock value in the acquired assets,” said Scott
Schaeffer, Chairman and CEO of IRT. “We remain on track to complete
the acquisition of the remaining five communities during the fourth
quarter of 2017.”
About Independence Realty Trust, Inc.
Independence Realty Trust (NYSE: IRT) is a real estate
investment trust. After the acquisition of the nine community
portfolio, IRT will own and operate 55 multifamily apartment
properties, totaling 15,165 units, across non-gateway U.S. markets,
including Louisville, Memphis, Atlanta and Raleigh. IRT’s
investment strategy is focused on gaining scale within key amenity
rich submarkets that offer good school districts, high-quality
retail and major employment centers. IRT aims to provide
stockholders attractive risk-adjusted returns through diligent
portfolio management, strong operational performance, and a
consistent return of capital through distributions and capital
appreciation.
Corporate HeadquartersTwo Liberty Place50 S. 16th Street,
Suite 3575Philadelphia, PA 19102267-270-4800
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version on businesswire.com: http://www.businesswire.com/news/home/20170926006701/en/
Independence Realty Trust, Inc.Ted McHugh and Lauren
Tarola, 212-277-4322Edelman Financial Communications & Capital
MarketsIRT@edelman.com
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