Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced that on January 31, 2014 IRT acquired an apartment community located in Waukegan, Illinois, for a purchase price of $29.0 million. IRT used a portion of the cash received from its January 2014 offering of its common stock to fund the purchase price. This opportunity was sourced through RAIT Residential who managed the property for the previous owners. RAIT Residential, a subsidiary of RAIT Financial Trust, provides property management services to IRT’s entire portfolio.
The 370 apartment unit-community consists of six studios, 130 one bedroom, one bathroom apartments, 156 two bedroom, one bathroom apartments and 78 two bedroom, two bathroom apartments with an average unit size of 817 square feet. The property was constructed in two phases in 2001 and 2004 and the last major renovation of the property was completed in 2008. As of December 31, 2013, the occupancy of the property was 93%.
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. The Company seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. The Company is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).