Independence Realty Trust (IRT) and Centerspace are merging to create a combined middle-market apartment REIT with an enterprise value of $8.1 billion. The combined company will focus on high-growth, non-gateway markets and have more than 44,000 apartment units in its portfolio.
“We are excited to bring together two highly complementary portfolios in a transaction that strengthens the growth profile of the combined company,” says Scott Schaeffer, chairman and CEO of IRT. “By pairing our high-growth Sun Belt portfolio — which remains our largest exposure and primary growth engine — with Centerspace’s stable Midwest and recovering Mountain West communities, we are building a platform in markets that have historically delivered above-average net operating income growth with lower volatility. We expect the added scale to compound that advantage: Greater efficiency across a larger operating base and an expanded value-added renovation program and other income initiative
