Independence Realty Trust Acquires Austin, Texas Apartment Community

Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced that, on December 30, 2014, IRT acquired an apartment community located in Austin, Texas for a purchase price of approximately $35.3 million. IRT used approximately $26.7 million of cash and issued IRT operating partnership common units valued at approximately $8.6 million to acquire the community. RAIT Residential will provide the property management services for this apartment community.

Located in Austin, Texas, the 300 unit apartment community was constructed in 2001 and 2002 and has an average unit size of 1,055 square feet. As of November 20, 2014, the occupancy of the property was 96% and it had an average effective rent per occupied unit of $1,146 for the three months ending November 30, 2014.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. Subsidiaries of RAIT Financial Trust (NYSE: RAS) serve as IRT’s external advisor and property manager and RAIT affiliates collectively own approximately 23% of IRT’s outstanding common stock.

Independence Realty Trust, Inc.Andres Viroslav, [e-mail]