Independence Realty Trust, Inc. Acquires Tennessee Apartment Community

Independence Realty Trust, Inc. (“IRT”) (NYSE MKT:

) today announced that, on September 15, 2014, IRT acquired an apartment community located in Memphis, Tennessee for a purchase price of $29.8 million. IRT funded the purchase price with a portion of the net proceeds of IRT's offering of its shares of common stock completed in July 2014 and its available cash. RAIT Residential, a RAIT subsidiary, will provide the property management services for this apartment community. The Memphis, Tennessee property is located in Cordova, a top submarket of Memphis, Tennessee and is a desirable, supply constrained area where the average household income within one mile of the property is approximately $73,452. The 500 apartment unit-community was constructed in 1994 and has an average unit size of 900 square feet. As of September 7, 2014, the occupancy of the property was 95% and it had an average effective rent per unit of $707.