IRT Acquires 328-Unit Raleigh-Durham Community
- Jul 12, 2017
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.
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.”
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