Investment Thesis
Independence Realty Trust (IRT) is a multifamily real estate investment trust that owns and operates Class B (middle quality and moderate rent rate) apartment complexes in non-gateway markets. A crucial component of the REIT's growth model is to acquire somewhat older or more affordability-oriented apartments with value-add opportunities. Through these rehabilitation initiatives, IRT raises effective rents and thus also property values and then sells a select number of stabilized properties to reinvest the proceeds into new opportunities.
Rinse and repeat. I like this business model.
In my bearish May 2019 article