Innovative Industrial Properties (NYSE: IIPR) is one of the hottest growth stocks to invest in today. The real estate investment trust (REIT), which specializes in the ownership and leasing of industrial properties for medical marijuana, has performed incredibly well since its IPO in 2017, producing an impressive 71% annualized return in under five years. But today, share prices are on the expensive end, meaning some investors may have missed the boat when it comes to investing in IIPR.
Thankfully, there are plenty of other worthwhile investments to participate in, including Independence Realty Trust (NYSE: IRT) , a multifamily REIT that shows promising growth opportunities over the next five years. Here's a closer look at Independence Realty Trust today and why this company is an excellent alternative to IIPR.
Independence Realty Trust owns, operates, and leases class B multifamily properties in major cities like Atlanta, Denver, and Orlando and secondary markets like Huntsville, Alabama; Knoxville, Tennessee; and Greenville, South Carolina; among several others. At the end of 2021, IRT merged with Steadfast Apartment REIT , boosting IRT's portfolio to 127 communities across 16 states for a total of 37,950 rental units.
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Missed Out on Innovative Industrial Properties? What To Buy Now