Independence Realty Trust, Inc. and Trade Street Residential, Inc. jointly announced that they have signed a definitive merger agreement for IRT to acquire all of the outstanding common stock of Trade Street for a mix of cash and stock, creating a leading, regional market focused, multifamily REIT. The transaction is expected to close in the third quarter. Upon completion of the transaction, Scott Schaeffer will continue to serve as Chairman and CEO of IRT.

Mack Pridgen, Chairman of Trade Street, and Richard Ross, CEO of Trade Street, will join IRT's board of directors, which will be expanded from five members to seven members.