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 companies confirmed this was an all-stock transaction.
The multifamily REIT will be focused on high-growth, non-gateway markets and will have more than 44,000 apartment units in its combined portfolio.
“We are excited to bring together two highly complementary portfolios in a transaction that strengthens the growth profile of the combined company,” said Scott Schaeffer, chairman and CEO of IRT. “By pairing our high-growth Sunbelt 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 opera
