PHILADELPHIA—Locally-based Independence Realty Trust Inc. reports it has acquired a 170-unit apartment community in Ridgeland, MS for $20.25 million.
The deal was an off-market transaction sourced through Philadelphia-based RAIT Financial Trust's existing relationship network, Independence Realty says. RAIT Residential, a RAIT subsidiary, will provide the property management services for the apartment community.
The Ridgeland property is located north of Jackson, MS and consists of 49 one-bedroom, one-bathroom apartments, 81 two-bedroom, two-bathroom apartments and 40 three-bedroom, two-bathroom apartments with an average unit size of 1,150 square feet. The property was constructed in 2000. As of June 3, 2014, the occupancy of the property was 97% and it had an average effective rent per unit of $1,064.
On May 29, Independence Realty announced that a company subsidiary had closed on a $15.3-million non-recourse first mortgage loan on The Crossings, a 432-unit garden-style property located in Jackson, MS, a property IRT had acquired in November 2013 for $23 million.
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