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Independence Realty sells Arizona apartment complex

  • Part of its plan to unload properties falling outside of its geographic focus, Independence Realty Trust (NYSE:IRT) sells a 320-unit complex in Tucson for $33.6M. The company received net cash proceeds of roughly $14.2M after paying off the debt.
  • Built in 1995, the property generated $1.9M of NOI over the LTM, The company will book a Q4 $6.6M gain associated with the sale.
  • Source: Press Release
  • IRT's manager is RAIT Financial (RAS).

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Independence Realty Trust, Inc.