NewsMV

Independence Realty Trust to buy Centerspace in $8.1 billion all-stock multifamily deal

9/10/2026

An all-stock agreement will merge Independence Realty Trust (IRT) and Centerspace into an $8.1 billion multifamily REIT with roughly 44,000 units spanning the Sun Belt, Midwest, and Mountain West.

IRT will absorb 47 Centerspace communities totaling 10,456 units in six states, growing its portfolio by nearly 30%. The deal requires shareholder approval and is expected to close in the fourth quarter.

The terms Each Centerspace share converts into 3,800 IRT shares, leaving Centerspace investors with roughly 22% of the merged company's combined equity.

The transaction is expected to produce approximately 67.6 million new IRT shares.