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).
Source: Independence Realty Trust, Inc.