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Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced that on June 4, 2014 IRT acquired an apartment community located in Ridgeland, Mississippi, for a purchase price of $20.25 million. This was an off-market opportunity sourced through RAIT Financial Trust’s (“RAIT”) existing relationship network. RAIT Residential, a RAIT subsidiary, will provide the property management services for this apartment community.
The property is located in Ridgeland, a suburb located North of Jackson, Mississippi and is a desirable, supply constrained area where the average household income within one mile of the property is approximately $60,000. The 170 apartment unit-community consists of 49 one bedroom, one bathroom apartments, 81 two bedroom, two bathroom apartments and 40 three bedroom, two bathroom apartments with an average unit size of 1,150 square feet. The property was constructed in 2000. As of June 3, 2014, the occupancy of the property was 97% and it had an average effective rent per unit of $1,064.
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. Subsidiaries of RAIT Financial Trust (NYSE: RAS) serve as IRT’s external advisor and property manager and RAIT affiliates collectively own approximately 39% of IRT’s outstanding common stock.