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Independence Realty offloads Phoenix property for $47M

In line with its strategy to sell properties that falloutside its geographic focus, IndependenceRealty Trust Inc. has offloaded a 360-unit apartment property inPhoenix for $47.0 million.

The company said it received net cash proceeds of roughly$18.4 million, after transaction costs and full repayment of the debtunderlying the property. It will use the net cash proceeds to cut itsoutstanding debt and for general corporate purposes.

Independence Realty noted that it expects to recognize anapproximately $15.4 million gain related to the sale in the quarter ending June30.