Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced that on September 19, 2013 IRT acquired an apartment community located in Cumberland, Indiana, a suburb of Indianapolis, for a purchase price of $13.25 million. This is IRT’s second acquisition within the Indianapolis market. IRT used a portion of the cash received from its August 2013 offering of its common stock to fund the purchase price.
The 354-unit community was constructed in 1970 and substantially renovated over the past three years. During this three year period, the previous owner invested more than $3.5 million into the property, which included upgrades to the unit interiors and common areas. The property consists of a mix of one, two, three and four-bedroom townhome and garden style-apartments. The average occupancy of the property at the time of the acquisition was 98%.
Scott Schaeffer, IRT’s Chairman and CEO, said, “We are excited to announce an acquisition shortly after IRT’s capital raise and the listing of IRT’s common stock. This is a stable apartment community with strong occupancy with the potential for further rent increases. The property is well-located within a supply-constrained sub-market and was acquired below replacement cost.”
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. IRT is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).