TAMPA, FL – Independence Realty Trust announced the acquisition of an apartment community located in Tampa, Florida for a purchase price of $29.75 million. IRT used available cash and its line of credit to acquire the community.
Located in Tampa, Florida the 216 unit apartment community was constructed in 1985 and was extensively renovated in 2016.
Situated in the Northdale neighborhood of Tampa and more specifically in the Dale Mabry retail corridor, the community benefits from its close proximity to retail, highly rated schools and easy access to Tampa’s major highways.
The property contains one and two bedroom units with an average unit size of 925 square feet. As of February 22, 2017, the occupancy of the property was 93% and had an average effective rent per occupied unit of $1,192 ($1.29/sf) for the three months ending January 31, 2017.
“This acquisition represents our commitment to improve the quality of the portfolio as we divest of our class C communities and reinvest into Class B communities that are in well located, mature neighborhoods with limited competition from new construction,” said Scott Schaeffer, Chairman and CEO of IRT.
Independence Realty Trust 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.