Independence Realty Trust Inc. acquired a 264-unit community in Tampa, Fla., and a 224-unit community in Atlanta for $48.0 million and $28.0 million, respectively, during the second quarter.
The multifamily real estate investment trust also completed the sale of two communities in Little Rock, Ark., for a total price of $56.5 million. It also sold a 370-unit community outside of Chicago for $42.0 million and received $12.1 million in sale proceeds from the deal. It paid the property mortgages for each deal, totaling $34.8 million and $18.9 million, respectively.
Under its at-the-market program, the REIT sold 65,704 common shares and generated net proceeds of approximately $800,000 in the second quarter.