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Jay Parsons reports that Centerspace and IRT, two apartment REITs with a presence in the Midwest, Sun Belt, and Mountain regions, are merging.
With a combined portfolio of 44,000 units, the new entity will become a significant competitor in the apartment REIT sector. Parsons also mentions that while this merger may not match the scale of AVB and EQR, it still represents notable consolidation in the industry.
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Parsons previously reported that AvalonBay and Equity Residential merged to create Vivmark Residential, the largest apartment REIT with 184,000 units. In a separate note, he highlighted that nearly one third of American renters struggle to cover rental operating costs. The latest Centerspace and IRT deal marks another move among multifamily landlords.