PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced that on May 24, 2017, it acquired a 160-unit apartment property located in Lexington, KY for $14.2 million. IRT used available cash and its line of credit to acquire the community.
Located in Lexington, Kentucky, the 160-unit apartment property was constructed in 2001. The property is located in Georgetown, part of the Lexington, KY submarket known as Scott County. Top employers in the area are Toyota with a manufacturing plant located within three miles of the property, state government and the University of Kentucky. Scott County has been the fastest growing county in the state of Kentucky and, based on U.S. Census Bureau estimates, is expected to double its 2015 population by 2040. The property contains one, two and three-bedroom units with an average unit size of 1,206 square feet. As of May 19, 2017, the occupancy of the property was 99% and, for the three months ended April 30, 2017, had an average effective rent per occupied unit of $874 per month.
This acquisition is IRT’s second acquisition in 2017 and is part of its previously announced strategy to sell its “C” class assets and reinvest the proceeds into “B” class assets located in IRT’s core geographic markets.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE MKT: IRT) is an internally-managed real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward looking statements are based upon the current beliefs and expectations of IRT’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally not within IRT’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These risks, uncertainties and contingencies include, but are not limited to, how IRT will use the net cash proceeds of the sale, whether and how IRT will be able to implement its strategy to sell properties, the ultimate accounting treatment of the property sale and those disclosed in IRT’s filings with the Securities and Exchange Commission. IRT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.