Independence Realty Trust (IRT) and Centerspace finalized plans for an all-stock merger valued at about $8.1 billion, forming a mid-sized multifamily REIT specializing in high-growth markets outside major urban centers. The combined entity will oversee 163 communities totaling 44,354 units across 17 states, with a post-transaction market capitalization of $5 billion. This expansion bolsters IRT’s presence in the Sun Belt, Midwest, and Mountain West, areas where both companies have aggressively grown in recent years.
The merger continues IRT’s consolidation strategy, following its 2021 acquisition of Steadfast Apartment REIT for $7 billion, which also targeted Sun Belt markets. Centerspace contributes Mountain West exposure, highlighted by its $149 million purchase of Sugarmont Apartments in Salt Lake City—the largest Utah multifamily deal in nearly five years. The new company will keep the Independence Realty Trust name and NYSE listing.
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Upon closing, IRT stockholders will own about 78 percent of company shares, and Centerspace stockholders will own about 22 percent of the new REIT. The deal is expected to close as early as the end of the fourth quarter of this year, subject to shareholder approval. Financial advisors for IRT include RBC Capital Markets and Rothschild & Co, while BMO Capital Markets and Wachtell, Lipton, Rosen & Katz advised Centerspace. Leadership remains unchanged, with Scott Schaeffer as chairman and CEO and James Sebra as president and CFO. The board will expand to 11 members, with nine from IRT and two from Centerspace.