Scott Schaeffer to Become Full Time Chairman and Chief Executive Officer of Independence Realty Trust, Inc
September 27, 2016 at 06:40 am
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RAIT Financial Trust announced that it has entered into a definitive agreement to sell its subsidiary, Independence Realty Advisors, LLC, the external advisor of Independence Realty Trust, Inc. (IRT) and certain assets of the Company's subsidiary, Jupiter Communities, LLC to IRT for $43 million in a transaction to permit IRT to internalize its advisor and property management functions. Scott Schaeffer, RAIT's current Chief Executive Officer and Chairman, will become the full time Chairman and Chief Executive Officer of IRT, effective as of the date of the closing of the Internalization Transaction. Mr. Schaeffer will serve as a consultant to RAIT for the twelve months following the closing of the Internalization Transaction to assist with the transition.
Independence Realty Trust, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Companyâs investment strategy is focused on gaining scale near major employment centers within submarkets that offer good school districts and retail. The Company acquires, owns, operates, improves, and manages multifamily apartment communities across non-gateway United States markets. The Company owns and operates approximately 113 multifamily apartment properties across non-gateway United States markets, including Atlanta, Columbus, Dallas, Denver, Houston, Indianapolis, Nashville, Oklahoma City, Raleigh-Durham, and Tampa, Florida. The Companyâs portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern and Midwest United States. The Company owns all of its assets and conducts all its operations through Independence Realty Operating Partnership, LP (IROP).
INDEPENDENCE REALTY TRUST, INC. 
