Independence Realty Trust, Centerspace to Merge for $8.1B Apartment REIT

Independence Realty Trust, Inc. (IRT) and Centerspace said Wednesday they have agreed to merge in an all-stock transaction, creating a middle-market multifamily REIT focused on high-growth, non-gateway markets. The combined company is expected to have a pro forma equity market capitalization of approximately $5.0 billion and a total enterprise value of approximately $8.1 billion.

“By pairing our high-growth Sunbelt portfolio — which remains our largest exposure and primary growth engine — with Centerspace’s stable Midwest and recovering Mountain West communities, we are building a platform in markets that have historically delivered above-average NOI growth with lower volatility,” said Scott Schaeffer, chairman and CEO of IRT. “We expect the added scale to compound that advantage: greater efficiency across a larger operating base, and an expanded value-add renovation program and other income initiatives across a larger platform.”

The combined company will own and operate 163 multifamily communities totaling 44,434 units across 17 states, with 58% of pro forma NOI derived from Sunbelt markets, 27% from Midwest markets, and 15% from Mountain West markets. Post-closing, IRT shareholders will own approximately 78% of the combined company.

Schaeffer and the existing IRT management team will lead the combined company. The board will be expanded to 11 members, adding two from Centerspace. The merger could close as soon as the fourth quarter of 2026, the two companies said.

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