Source: Independence Realty Trust / #Apartments #Multifamily
PHOENIX, AZ - Independence Realty Trust announced that on May 5, 2016 IRT sold a 360 unit apartment property located in Phoenix, Arizona for $47.0 million. IRT received net cash proceeds of approximately $18.4 million, after transaction costs and full repayment of the debt underlying the property.
The property, built in 1999 and renovated in 2006, generated $2.4 million of net operating income over the 12 months preceding the sale. IRT will utilize the net cash proceeds to reduce its outstanding indebtedness and for general corporate purposes.
The property sale is part of IRT’s previously announced strategy to sell properties that fall outside its geographic focus. IRT expects to recognize a gain of approximately $15.4 million associated with the sale in the quarter ending June 30, 2016.
Independence Realty Trust is a 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 is advised by a wholly-owned subsidiary of RAIT Financial Trust.