Independence Realty Trust makes $29.8M Memphis purchase
Sep 18 2014, 16:13 ET | About: Independence Realty Trust (IRT) | By: Stephen Alpher, SA News Editor
The 500-unit apartment community is located in the Cordova submarket. The average unit size is 900 square feet, occupancy is 95%, and the average effective rent per unit is $707. IRT funded the purchase with some of the proceeds from its July secondary offering. A subsidiary of RAIT Financial (NYSE:RAS) will provide management services. Source: Press Release
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