Independence Realty Trust Acquires Indianapolis, IN Apartment Community

PHILADELPHIA--(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, 215-243-9000
[email protected]

Source: Independence Realty Trust, Inc.

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