Independence Realty Trust pays $228m for multifamily portfolio
Independence Realty Trust has agreed to acquire a nine-property multifamily portfolio for $228.1 million. The portfolio contains 2,353 units across the U.S. The seller was not disclosed.
The transaction is expected to close in two stages. Five of the nine communities will close on or before Sept. 30, while the remaining four will close shortly after a debt assumption process is completed in the fourth quarter of 2017. All acquisitions are subject to customary closing conditions.
Independence Realty Trust focuses on acquiring and owning well-located garden-style and mid-rise apartment properties. The REIT owns apartment properties primarily in Arizona, Colorado, Georgia, Indiana, Texas and Virginia.