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  "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 53 slides",
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  "authorName": "Independence Realty Trust",
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      "text": "Purchase Price $48.0, Invested Capital $6.7, Value Created $18.7, Total Value $73.4",
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      "text": "Post renovation community is valued at $73.4mm(1), representing an increase of 53% from acquisition\nIncremental value creation of $18.7mm, after renovation investment. On an an equivalent cap rate basis, incremental value creation represents a 39% increase from acquisition.\nEnhanced resident profile, resulting in a 49% average effective monthly rental rate increase as of December 2023\nGenerated unlevered ROI of 34% on total renovation costs",
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      "text": "Note: Dollars in millions except average monthly rental rate.\n(1) Assumes exit cap rate of 5.0%",
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      "text": "At Acquisition (7/11/2019) 12/31/2023 Change Revenue (TTM) $4.2mm $6.1mm +45% NOI (TTM) $2.6mm $3.9mm +52% NOI Margin 61.1% 63.4% +230 bps Average Effective Monthly Rent $1,256 $1,875 +49%",
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      "kind": "title",
      "text": "Value-Add Case Study: Rocky Creek – The Economics",
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