PHILADELPHIA – Troutman Pepper Locke advised Independence Realty Trust, Inc. (IRT), a real estate investment trust that owns and operates multifamily communities across non-gateway U.S. markets, in its definitive merger agreement with Centerspace, an owner and operator of 47 apartment communities. The combined company will own and operate 163 multifamily communities totaling more than 44,000 units across 17 states, with a pro forma equity market capitalization of approximately $5 billion and a total enterprise value of approximately $8.1 billion. For more information, see the press release.
The all-stock transaction will create a leading middle-market multifamily real estate investment trust focused on high-growth, non-gateway markets. The combined company’s larger operating base is expected to support IRT’s ongoing efforts to retain top talent and increase brand recognition in the multifamily sector.
The Troutman Pepper Locke team that represented IRT was led by Michael Friedman, Wallace Bao, Betty Segaar, Jacob Richards, Harris Ahmad, Michael Seymour, Emily Fahey, and Emma Teman, with additional support from Saba Ashraf, Ed Razim, Stefanie Brennan, Byron Kirkpatrick, Jesse Nelms, Morgan Gerard, Joshua Bibiloni, Keegan McCoy, Stephanie Collins, Brad Boericke, Matt Divis, Steven Soffer, Julia Tomec, and Christopher Stock.
Consistently recognized as a top-tier practice, Troutman Pepper Locke’s corporate attorneys regularly handle strategic deals for Fortune 100 corporations and middle market transactions for private equity clients. Core areas of service include mergers and acquisitions, corporate finance, corporate governance, securities laws compliance, capital markets transactions, and other significant domestic and cross-border transactions, as well as general corporate counseling.
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