IRT Acquires 328-Unit Raleigh-Durham Community
Previously managing the property on behalf of RAIT Financial Trust, the company recently acquired the asset for $43 million. The community is located in the Raleigh-Durham market, in close proximity to prestigious universities and major employers.
By Adina Marcut
IRT’s headquarter, 230 W Monroe St., Chicago
Independence Realty Trust continued to strengthen its portfolio by adding three deals totaling $70.6 million. IRT acquired a 328-unit community located in Durham, N.C., for $43 million. The transaction is part of the company’s ongoing capital recycling strategy. IRT managed the property on behalf of RAIT Financial Trust.
Value-add location
Located in the South Durham submarket, built in 2002, the community was 95.2 percent occupied as of May. The property had an average rental rate of $1,039.
“This acquisition is a perfect fit with our investment thesis as it increases our scale in the Raleigh-Durham market, which continues to benefit from its proximity to prestigious universities, a thriving workforce, and world-class employers,” Scott Schaeffer, chairman & CEO of IRT, said in a statement. “The disposition of the two legacy class C communities is a key milestone in the efficient execution of our capital recycling strategy initiatives.”
Image via Google Maps
