Philadelphia-based Independence Realty Trust is internalizing its management and becoming an independent company.
IRT had been managed by RAIT Financial Trust, but it has agreed to acquire the external advisor, which was a subsidiary of RAIT. IRT is holding a public offering to raise money to buy back the shares of its company that RAIT holds, as well as to finance the reorganization and pay down some of its debt, CoStar reports.
Independence, which currently owns 49 multifamily properties across the South and Midwest, will use its independence to increase its apartment portfolio. RAIT CEO Scott Schaffer will become IRT's CEO as part of the transition. [CoStar]
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