Independence Realty Trust has picked up a Tampa apartment complex in a $29.75 million deal. The 216 unit apartment community was constructed in 1985 and underwent extensive renovation in 2016. The asset rests along the Dale Mabry retail corridor in the Northdale neighborhood of Tampa and benefits from its close proximity to retail, highly rated schools and the city’s major highways. The property was 93 percent leased at the time of the sale and had an average effective rent per occupied unit of $1,192 ($1.29/sf). IRT used available cash and its line of credit to acquire the asset.
“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.
