<SEC-DOCUMENT>0001193125-13-262913.txt : 20130912
<SEC-HEADER>0001193125-13-262913.hdr.sgml : 20130912
<ACCEPTANCE-DATETIME>20130618172406
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-262913
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDEPENDENCE REALTY TRUST, INC
		CENTRAL INDEX KEY:			0001466085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				264567130
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		CIRA CENTRE
		STREET 2:		2929 ARCH ST. 17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104
		BUSINESS PHONE:		2152439000

	MAIL ADDRESS:	
		STREET 1:		CIRA CENTRE
		STREET 2:		2929 ARCH ST. 17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEPENDENCE REALTY TRUST INC
		DATE OF NAME CHANGE:	20110211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMPIRE AMERICAN REALTY TRUST INC
		DATE OF NAME CHANGE:	20090610
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>SEC Response Letter</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;18, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Stacie Gorman, Esquire </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Angela McHale, Esquire </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of
Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Independence Realty Trust, Inc. </FONT></TD></TR></TABLE>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registration Statement on Form S-11 </FONT></TD></TR></TABLE>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No.&nbsp;333-188577 </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Mss. Gorman and
McHale: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of Independence Realty Trust, Inc. (the &#147;<B>Company</B>&#148;), this letter is to respond to comments
from the Division of Corporation Finance (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) in a letter dated June&nbsp;10, 2013 (the &#147;<B>Comment Letter</B>&#148;) with respect to the
above-referenced filing (the &#147;<B>Registration Statement</B>&#148;). The Company is concurrently filing Amendment No.&nbsp;1 to the Registration Statement (&#147;<B>Amendment No.&nbsp;1</B>&#148;), which includes changes to the disclosure in the
Registration Statement in response to the Staff&#146;s comments. We have enclosed with this letter a marked copy of Amendment No.&nbsp;1, which was filed today by the Company via EDGAR and which reflects all changes to the Registration Statement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the Staff&#146;s convenience, the numbered comments set forth in the Comment Letter have been reproduced in italics
herein with the Company&#146;s responses immediately following each comment. Unless otherwise indicated, page references in the descriptions of the Staff&#146;s comments refer to the Registration Statement and page references in the Company&#146;s
responses refer to Amendment No.&nbsp;1. Defined terms used herein but not otherwise defined herein have the meanings given to them in Amendment No.&nbsp;1. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>General </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1. Please tell us how you determined it was not necessary to provide
dilution information. Please refer to Item&nbsp;506 of Regulation S-K. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges the Staff&#146;s comment
and respectfully submits that, under Item&nbsp;506 of Regulation S-K, dilution information is not required if the company is subject to the reporting requirements of Section&nbsp;15(d) of the Securities Exchange Act of 1934, as amended, and the
company has not had losses in each of its last three fiscal years. As a result of the filing of post-effective amendments to its former registration statement in April 2013 (file no. 333-173391), the Company is subject to Section&nbsp;15(d)
reporting requirements. In addition, the Company has had a loss in only one of its last three fiscal years. Accordingly, the Company believes that Item&nbsp;506 is inapplicable. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2. Please provide us with support for all quantitative and qualitative business and industry data used in
the registration statement, including, but not limited to, the disclosure starting on page 3 in the section &#147;Our Market Opportunity.&#148; Please note that the requested information should be filed as EDGAR correspondence or, alternatively,
should be sent in paper form accompanied by a cover letter indicating that the material is being provided pursuant to Securities Act Rule 418 and that such material should be returned to the registrant upon completion of the staff review process.
Please also highlight the specific portions that you are relying upon so that we can reference them easily. In addition, please confirm to us that any third party data included in the registration statement was not prepared for or commissioned by
the registrant or its affiliates. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company is providing the requested
supporting materials in paper form with an accompanying cover letter pursuant to Rule 418 under the Securities Act of 1933, as amended. The Company confirms that none of the third party data included in the Registration Statement was prepared for or
commissioned by the Company or its affiliates for use in the Registration Statement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Cover Page </U></I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>3. Please revise your cover page to clarify that this is a firm commitment offering. Please refer to Item&nbsp;501(b)(8) of Regulation S-K.
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has added a new second sentence to the second paragraph on the cover
page of the prospectus to clarify that this is a firm commitment offering. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Prospectus Summary, page 2 </U></I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Our Properties, page 3 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>4.
Please explain how you determined &#147;effective rent per unit.&#148; Please clarify whether this amount takes into account tenant concessions, such as free rent. If not, please quantify the impact of tenant concessions. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges the Staff&#146;s comments and advises the Staff that footnote (5)&nbsp;to the table on page 3 sets forth how
&#147;effective rent per unit&#148; was calculated. Furthermore, in response to the Staff&#146;s comment, the Company has modified footnote (5)&nbsp;on page 3 to clarify that &#147;effective rent per unit&#148; does take tenant concessions into
account. The Company also has made a conforming change to footnote (5)&nbsp;on page 44. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Summary Risk Factors, page 4 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>5. Please add summary risk factors to address the fact that it will be difficult to remove the manager, even for poor performance, and the termination fee that may result, as well as the risk of
dilution if the manager is internalized. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has added new
summary risk factors as the seventh and eighth bullet points on page 4 to address the risks associated with removing the advisor and the potential dilution that could result in connection with an internalization of the advisor.<I> </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Compensation of Our Advisor and Our Property Manager, page 6 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>6. With a view towards disclosure, please tell us how your advisor will be compensated if you enter into a joint venture with an affiliate. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges the Staff&#146;s comment and respectfully advises the Staff that, if the Company enters into a joint venture
with an affiliate of the advisor, the advisor&#146;s compensation will not change and will continue to be determined in the manner disclosed in the Registration Statement. The advisor will continue to receive a quarterly base management fee,
quarterly incentive fee and reimbursement of operating expenses with respect to any such joint venture calculated in the same manner as for the Company&#146;s other properties.&nbsp;Pursuant to the advisory agreement, the base management fee is a
percentage of &#147;Average Gross Real Estate Assets&#148; (where &#147;Real Estate Assets&#148; are defined as any investment made by the Company in real property) and the incentive fee is based upon the Company&#146;s Core FFO (which would not
include any net income attributable to non-controlling interests). As a result, the Company will be responsible only for paying compensation to the advisor based upon in its investment in, and Core FFO derived from, the joint venture. Moreover,
pursuant to the advisory agreement, the Company is only responsible for expenses with respect to services provided to it; therefore, the Company will be responsible only for reimbursing the advisor for its pro-rata share of expenses of the joint
venture. Any such joint venture will be reviewed by the Company&#146;s board of directors and will require the approval of a majority of the Company&#146;s independent directors as described in the Registration Statement. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>7. We note your disclosure in the &#147;Property Management and Leasing Fees (Property Manager) section that &#147;up to 4% of [y]our gross revenues
[are] payable to Jupiter&#148; (emphasis added). Please explain the circumstances under which less than 4% would be payable to Jupiter. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges the Staff&#146;s comment and respectfully advises that the property management fees are fixed at 4%. Accordingly, the Company has removed the phrase &#147;up to&#148; from the
table on page 7 and from the table on page 62. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Risk Factors, page 12 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>If we internalize our management functions ..., page 15 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>8. In this risk factor,
you discuss internalizing your advisor. If applicable, please explain that upon any internalization, certain key employees may not remain with the entities but will instead remain employees of the sponsor or its affiliates. In addition, please
consider adding disclosure to address the impact on you if the advisor is internalized by another entity. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to
the Staff&#146;s comment, the Company has revised the heading of the applicable risk factor on page 15 to the following: &#147;If we internalize our management functions, your interest in our company could be diluted, and we could incur other
significant costs associated with being self-managed.&#148; Furthermore, the Company has added a new fourth sentence to that risk factor, which addresses the risk that certain employees of the advisor may not remain with the advisor upon
internalization of the advisor. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to the last sentence of the Staff&#146;s comment, the Company respectfully
advises the Staff that it may terminate the advisory agreement if there is a change in control of either RAIT or the advisor that the Company&#146;s independent directors determine to be materially detrimental to the Company or if the advisor is
dissolved or unable to perform its obligations under the advisory agreement. In either case, no termination fee will be due to the advisor. Notwithstanding the foregoing, the Company has added disclosure in the risk factor on page 18 under the
heading &#147;Termination of our advisory agreement, even for poor performance, could be difficult and costly, including as a result of termination fees, and may cause us to be unable to execute our business plan&#148; to identify certain risks that
may arise if its advisor were acquired by a third party. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Distribution Policy, page 33 </U></I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>9. We note your table on page 33. Please also disclose the total amount of distributions paid each quarter for the past year, and the sources of
distributions. Please note that total distributions should take into account amounts paid pursuant to a distribution reinvestment plan. To the extent cash flow from operations has been insufficient to cover total distributions paid, please add a
risk factor and disclose the amount paid from each other source used. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response the Staff&#146;s comment, the
Company has revised the table and disclosure on page 33 regarding its total distributions paid by quarter, including distributions from the Company&#146;s terminated distribution reinvestment plan. The Company has also revised the disclosure on page
33 to include information regarding its historical cash flow from operations, which is the source of its distributions, and distribution coverage. The Company respectfully advises the Staff that, for all periods, the Company has generated sufficient
cash flow from operations to cover its total distributions.<I> </I></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Capitalization, page 34 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>10. Please tell us how you determined it was not necessary to include the redemption of your Series B preferred units in the &#147;as adjusted&#148; column. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has revised the presentation on page 34 to adjust for the redemption of the
Series B preferred units of the operating partnership. The Company also respectfully directs the Staff to the Company&#146;s response to comment 11.<I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>11. Please revise your filing to present items ii and iii separately from items i and iv. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the presentation on page 34 to separate out former clauses (ii)&nbsp;and (iii)&nbsp;into a new second bullet point and to include
adjustments for those transactions in the &#147;as adjusted&#148; column. The transactions described in former clauses (i)&nbsp;and (iv)&nbsp;have been moved into a new third bullet point and an adjustment has been added for the redemption of the
Series B preferred units of the operating partnership. These transactions will be reflected as adjustments in the new &#147;as further adjusted&#148; column added to this table. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Selected Consolidated Financial and Operating Data, page 35 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>12. Please revise
your filing to present pro forma financial information within your Selected Consolidated Financial and Operating Data and in your Summary Selected Consolidated Financial and Operating Data on page 11. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has revised the Selected Consolidated Financial and Operating Data table on
page 35 to include the pro forma financial information, and has made a corresponding change in the Summary Selected Consolidated Financial Operating Data table on page 11.<I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Management&#146;s Discussion and Analysis &#133;, page 36 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>13. We note your
advisor waived any asset management fees on the initial portfolio for the first two years of ownership. Please revise your filing to disclose any impact from this waiver and its expiration that would cause reported financial information to not
necessarily be indicative of future operating results. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has
included disclosure in its Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations on page 36 to disclose the amount of the asset management fees that were waived and its impact on net income (loss) allocable to
common shares if such fees had been charged during the periods presented.<I> </I></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Results of Operations, page 36 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>14. We note your disclosure in the first paragraph of this section, whereby you attribute revenue increases to improved occupancy and rental rates. Please revise to explain the relative impact of
occupancy and rental rate changes. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure under
the heading &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Results of Operations&#148; on page 36 regarding the $0.7 million increase in revenue from the three months ended March&nbsp;31, 2012
as compared to the three months ended March&nbsp;31, 2013. Previously, the Company disclosed the fact that the primary driver of the increase was due to a property that was acquired in October 2012 as well as an overall improvement in occupancy and
rental rates. In response to the Staff&#146;s comment, the Company has revised the disclosure to state that $0.5 million of the $0.7 million increase is due to the property acquired in October 2012 and $0.2 million of the increase is due to overall
improvement in occupancy and rental rates. The Company did not further bifurcate the $0.2 million increase between occupancy and rental rates as it was a relatively insignificant component of overall increase in revenue. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Our Business and Properties, page 42 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Description of Our Properties, page 44 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>15. Here or elsewhere where appropriate,
please explain how you define class A and class B properties. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company
has provided a definition of Class&nbsp;A and Class B properties on page 45, following its discussion of its individual properties.<I> </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Certain Relationships and Related Party Transactions, page 64 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>16. We note your disclosure regarding the fees paid to your advisor. Please revise to disclose the amount of fees paid to the advisor by type of fee and break out the amounts paid pursuant to the
reimbursement provision. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has revised the disclosure on page
64 to break out the types and amounts of fees paid, including reimbursement of organizational and offering costs.<I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>17. In the second
paragraph, we note your disclosure that your board approved the terms of the contribution of the properties by RAIT as being fair and reasonable and &#147;at a price no greater than the costs of [those] properties to RAIT.&#148; Please disclose
whether the board considered the fair market value of the properties at the time of the contribution. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company
acknowledges the Staff&#146;s comment and respectfully advises the Staff that the Company&#146;s board of directors did consider fair market value based upon the appraisals received by the independent members of the board of directors. In response
to the Staff&#146;s comment, the Company has added disclosure under the heading &#147;Certain Relationships and Related Party Transactions&#151;Contribution of Our Initial Seven Properties&#148; to clarify that the Company&#146;s board of directors
considered both RAIT&#146;s cost basis in the contributed properties and the appraised market value of the contributed properties. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>18. Here, or elsewhere where appropriate, please include separate disclosure to address the conflicts of
interest that exist and may arise. We note your similar abbreviated disclosure in the Summary section. In this section, please also identify the individuals that owe you fiduciary duties. Please be sure to include disclosure approximating the amount
of time you expect your named executive officers to devote to your operations, disclosure about any affiliated entities that directly compete with you, as well as any conflicts that may exist because Jupiter is a wholly-owned subsidiary of RAIT.
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges the Staff&#146;s comment, but respectfully advises the Staff that it believes that separate
disclosure regarding conflicts of interest, including conflicts regarding Jupiter, is already set forth in the section captioned &#147;Risk Factors&#150;Risks Related to Conflicts of Interest&#148; beginning on page 16. For clarity, the Company has
recaptioned the summary section on page 5 to be &#147;Risks Related to Conflicts of Interest.&#148; Furthermore, in response to the Staff&#146;s comment, the Company has added disclosure under the headings &#147;Certain Relationships and Related
Party Transactions&#151;Advisory and Property Management Agreements&#148; and &#147;Certain Relationships and Related Party Transactions&#151;Certain Conflict Resolution Measures&#151;Independent Directors&#148; on pages 64 and 65, respectively,
identifying the individuals who owe the Company fiduciary duties. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that it cannot
currently predict the amount of time that the named executive officers will devote to the Company&#146;s operations. However, the Company has set forth, in the new disclosure referred to in the previous paragraph, that they must exercise reasonable
care in the performance of their duties. The Company also has revised the disclosure to clarify that its executive officers and other employees of the advisor are required to devote such time to the Company&#146;s management as is necessary and
appropriate, commensurate with the Company&#146;s level of activity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>The Company has also revised the seventh bullet
point under the heading &#147;Prospectus Summary&#151;Risks Related to Conflicts of Interest&#148; to clarify the disclosure.<I> </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Certain Conflict Resolution Measures, page 65 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Allocation of Investment Opportunities, page 65 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>19. Please revise to identify
affiliates that may compete for properties and tenants, and the amounts available to such affiliates for investment. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In
response to the Staff&#146;s comment, the Company has revised the disclosure under the heading &#147;Certain Relationships and Related Party Transactions&#151;Certain Conflict Resolution Measures&#151;Allocation of Investment Opportunities&#148; on
page 65 to clarify that neither RAIT nor its affiliates currently compete directly for properties or tenants, with one disclosed possible exception, but that, in the future, RAIT or real estate investment programs sponsored by RAIT may compete with
the Company for investment opportunities. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>20. We note your disclosure in part (c)&nbsp;in the second paragraph of this section. Please explain who
determines whether you have the financial resources to take advantage of such opportunity and whether there is any specific criteria used to make this determination. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure under the heading &#147;Certain Relationships and Related Party Transactions&#151;Certain Conflict Resolution
Measures&#151;Allocation of Investment Opportunities&#148; on page 65 to provide the criteria under which financial resources are determined and to disclose that it is the Company&#146;s board of directors, in consultation with the advisor, that
makes the determination. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Underwriting, page 91 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>21. We note the following statement on page 91: &#147;Our common stock is being offered by the underwriters, <U>subject to prior sale,</U> when, as and if issued to and accepted by them, subject to
certain conditions.&#148; Please explain what you mean by the underlined language. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s
comment, the Company has deleted the phrase &#147;subject to prior sale&#148; on page 91. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>22. To the extent applicable, please provide
disclosure regarding any historical relationships between you and your affiliates and the underwriter(s). </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to
the Staff&#146;s comment, the Company has added disclosure under the heading &#147;Underwriting&#151;Other Relationships&#148; on page 93 regarding historical relationships between the Company and the underwriters. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Financial Statements </U></I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Financial Statements of Independence Realty Trust, Inc. and Subsidiaries as of and for the three months ended March&nbsp;31, 2013
</U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Consolidated Statements of Cash Flows, page F-3 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>23. Please tell us how you complied with paragraphs 2 and 3 of ASC 230-10-50, or tell us how you determined it was not necessary to disclose the cash paid for interest and non-cash investing and
financing transactions. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has updated the Consolidated
Statements of Cash Flows on page F-3 to include cash paid for interest in accordance with the guidance set forth in ASC 230-10-50. The Company respectfully advises the Staff that there were no non-cash investing or financing transactions during the
respective periods presented.<I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Notes to Consolidated Financial Statements, page F-4 </U></I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>General </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>24. Please tell us how
you complied with paragraph 10 of ASC 825-10-50, or tell us how you determined it was not necessary to disclose (1)&nbsp;either in the body of the financial statements or in the accompanying notes, the fair value of financial instruments for which
it is practical to </I></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>
estimate that value, (2)&nbsp;the method(s) and significant assumptions used to estimate the fair value, (3)&nbsp;a description of changes in the method(s) and significant assumptions used, if
any, during the period, and (4)&nbsp;the level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3). </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I></I></B>In response to the Staff&#146;s comment, the Company has updated its significant accounting policies in its interim financial statements at page F-6 and in its annual financial statements on
page F-20 to include its policy surrounding the fair value of financial instruments in accordance with the guidance set forth in ASC 825-10-50. The Company has also included disclosure of the fair value of its financial instruments, which are mainly
mortgage notes payable. <B><I> </I></B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>25. On page 52, you disclose that you are not party to any legal proceedings which would have a
material effect on your business, financial condition or results of operations. Please disclose within your interim and annual financial statements if these legal proceedings will have a material effect on your financial statements, as a whole.
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has included the requested disclosure in its interim
financial statements on page F-11 and in its annual financial statements on page F-27.<I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Note 2: Summary of Significant Accounting
Policies, page F-4 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>j. Earnings per Share, page F-6 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>26. Please revise your filing to clarify that diluted earnings per share excludes 5,274,900 limited partnership units for the three months ended March&nbsp;31, 2012 and not the three months ended
March&nbsp;31, 2013. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has revised the disclosure on page F-6
to clarify that diluted earnings per share excludes 5,274,900 limited partnership units for the three months ended March&nbsp;31, 2012 only. <I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Note 5: Shareholder Equity and Non-Controlling Interest, page F-8 </U></I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Non-controlling Interest, page F-9 </U></I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>27. Please tell us where you disclose the redemption rights of the partnership units or revise your interim and annual financial statement footnotes to
disclose this information. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure in its interim
financial statements on page F-9 and in its audited financial statements on page F-24 to disclose the redemption rights of its partnership units. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Note 7: Related Party Transactions and Arrangements, pages F-10 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>28. Please tell
us how you complied with paragraph 1 of ASC 850-10-50, or tell us how you determine it was unnecessary to disclose amounts due from or owed to related parties as of the end of the reporting periods. </I></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>In response to the Staff&#146;s comment, the Company revised the disclosure in its
interim financial statements on pages F-10 to F-11 and in its annual financial statements on pages F-25 to F-27 to disclose the amounts due from or to related parties as of the end of the respective reporting periods in accordance with the guidance
set forth in ASC 850-10-50. The Company respectfully advises the Staff that, for certain related party transactions, the disclosure was not revised as there were no amounts due from or to such party as of the end of the respective reporting
periods.<B> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Financial Statements of Independence Realty Trust, Inc. and Subsidiaries for the year ended December&nbsp;31, 2012
</U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Consolidated Statements of Operations, page F-14 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>29. Please tell us how your presentation of Dividends declared per common share complies with paragraph 5 of ASC 260-10-45. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has removed the disclosure from the Consolidated Statements of Operations on page F-14 regarding its distributions declared during the
respective annual periods in accordance with ASC 260-10-45.<I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Unaudited Pro Forma Consolidated Financial Information, page F-47
</U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Unaudited Pro Forma Consolidated Balance Sheet, page F-48 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>30. To the extent that you have a firm commitment from your underwriters, please tell us how you determined it was not necessary to include a pro forma adjustment for the offering proceeds and the
redemption of the Series B preferred units and Series A preferred stock. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the
Company has updated its Pro Forma Consolidated Balance Sheet as of March&nbsp;31, 2013 on page F-48 to provide for the inclusion of pro forma adjustments for the offering proceeds and the redemption of the Series B preferred units. The Company will
populate the pro forma information based on the midpoint of the offering price range once the price range has been established, and will further update the pro forma information in the final prospectus based on actual proceeds raised in the
offering. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>31. It appears that you have declared dividends for a period subsequent to March&nbsp;31, 2013. Please tell us how you
determined it was not necessary to include a pro forma adjustment for the dividends declared. Please refer to paragraph 3 of ASC 855-10-50. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has updated its Pro Forma Consolidated Balance Sheet as of March&nbsp;31, 2013 on page F-48 to include the effects of the dividend declared subsequent
to March&nbsp;31, 2013, in accordance with ASC 855-10-50. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Unaudited Pro Forma Consolidated Statements of Operations for the year ended
December&nbsp;31, 2012, page F-50 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>32. Please tell us how you determined it was not necessary to include a pro forma adjustment to
remove the acquisition expenses related to the Runaway Bay Acquisition. </I></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>In response to the Staff&#146;s comment, the Company has revised its Pro Forma
Consolidated Statements of Operations for the year ended December&nbsp;31, 2012 on page F-50 to remove the acquisition expenses associated with the Runaway Bay Acquisition. <I> </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Part II </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Item&nbsp;33. Recent Sales of Unregistered Securities, page II-1
</U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>33. We note your disclosure that you sold all of the shares of the Series A preferred stock in a private offering to unaffiliated
investors. This appears to conflict with your disclosure on page 32, which states that you intend to redeem all the Series A preferred shares, which are owned by a wholly-owned subsidiary of RA IT. Please explain or revise to reconcile.
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 32 to clarify that only the
Series B preferred units are owned by a subsidiary of RAIT. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Exhibits </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>34. Please file all required exhibits as promptly as possible. If you are not in a position to file your legal and tax opinions with the next amendment, please provide a draft copy for us to review.
The draft opinions should be filed as EDGAR correspondence. In addition, we note the exhibit list includes &#147;form of&#148; agreements. Please advise us if you do not intend on filing final, executed agreements prior to effectiveness of the
registration statement. Please note that incomplete exhibits may not be incorporated by reference in subsequent filings under any Act administered by the Commission. Please refer to Instruction 1 of Item&nbsp;601 of Regulation S-K. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>The Company acknowledges the Staff&#146;s comment and respectfully advises the Staff that the Company has filed Exhibit 10.3. The
Company further advises the Staff (i)&nbsp;that a final, executed copy of Exhibit 1.1 will not be filed prior to effectiveness but a form of such exhibit will be filed with a subsequent pre-effective amendment to the registration statement and
(ii)&nbsp;an executed copy of the registration rights agreement will be filed with a subsequent pre-effective amendment to the registration statement. The Company has supplementally provided Forms of Exhibits 5.1 and 8.1 (with Exhibit 23.3 and
Exhibit 23.4 consents included) as Exhibits A and B, respectively, to this letter. Exhibit 10.22 (formerly Exhibit 10.23) has been refiled pursuant Instruction 2 to Regulation S-K, including the specified schedules. The Company has removed Exhibit
10.2 since it believes that none of the individual property management agreements is material in amount or significance to the Company.<I> </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Exhibit 23.2 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>35. Please have
your auditors revise their consent to reference the period from October&nbsp;8, 2008 to December&nbsp;31, 2008 with respect to their report for properties commonly referred to as Crestmont Apartments, Cumberland Glen Apartments, Copper Mill
Apartments, Heritage Trace Apartments, Belle Creek Apartments and Tresa at Arrowhead. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s
comment, a revised auditor consent has been included as a new Exhibit 23.2 to Amendment No.&nbsp;1. </FONT></P>

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<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ J. Baur Whittlesey</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">J. Baur Whittlesey</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Scott F. Schaeffer </FONT></TD></TR></TABLE>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James J. Sebra </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Independence
Realty Trust, Inc.</I> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">John A. Good </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Justin R. Salon </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Bass, Berry&nbsp;&amp; Sims PLC</I> </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXHIBIT A </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>LEDGEWOOD, P.C. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1900 Market Street </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Suite 750 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philadelphia, PA 19103 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] , 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Independence Realty Trust, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cira Centre </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">2929 Arch Street, 17</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philadelphia, PA 19104 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have acted as counsel to Independence Realty Trust, Inc., a Maryland corporation (the &#147;<U>Company</U>&#148;), in
connection with&nbsp;its registration under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), pursuant to a Registration Statement on Form&nbsp;S-11 (File No.&nbsp;333-188577) (the &#147;<U>Registration
Statement</U>&#148;) together with the preliminary prospectus included therein, for the offering by the Company of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of
common stock (the &#147;<U>Common Shares</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the opinions rendered below, we have examined the
following: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. the Registration Statement and the documents incorporated by reference therein; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. the organizational documents of the Company and its subsidiaries; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. an officer&#146;s certificate, dated as of the date hereof, provided to us by the Company (the &#147;<U>Certificate</U>&#148;);
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. such other documents as we have deemed necessary or appropriate for purposes of this opinion. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the opinions rendered below, we have assumed generally that: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. Each of the documents referred to above has been duly authorized, executed and delivered; is authentic, if an original, or is
accurate, if a copy; and has not been subsequently amended. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Independence Realty Trust, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 2 </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The Company will not make any amendments to its organizational documents after the
date of this opinion that would affect the Company&#146;s qualification as a real estate investment trust (a &#147;<U>REIT</U>&#148;) for any taxable year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3. No action will be taken by the Company or its subsidiaries after the date hereof that would have the effect of altering the facts upon which the opinions set forth below are based. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of rendering the opinions stated below, we have also assumed the accuracy of the factual representations contained in the
Certificate. Where factual representations contained in the Certificate involve the terms defined in the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), the Treasury regulations thereunder (the
&#147;<U>Regulations</U>&#148;), published rulings of the Internal Revenue Service (the &#147;<U>Service</U>&#148;), or other relevant authority, we have explained such terms to the Company&#146;s representatives and are satisfied that such
representatives understand the terms and are capable of making such factual representations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the opinions
rendered below, we also have relied upon the correctness of the representations contained in the Certificate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on the
documents and assumptions set forth above and the representations set forth in the Certificate, we are of the opinion that: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Commencing with the Company&#146;s taxable year ending December&nbsp;31, 2011, the Company has operated in conformity with the
requirements for qualification and taxation as a REIT pursuant to sections 856 through 860 of the Code, and the Company&#146;s proposed method of operation will enable it to continue to qualify as a REIT for its taxable year ending December&nbsp;31,
2013, and in the future. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The descriptions of the law and the legal conclusions contained or incorporated by reference in
the Registration Statement under the caption &#147;Material Federal Income Tax Considerations&#148; are correct in all material respects and the discussions thereunder fairly summarize the federal income tax considerations that are likely to be
material to a holder of the Common Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The opinions set forth above represent our conclusions based upon the documents,
facts and representations referred to above. Any material amendments to such documents, changes in any significant facts or inaccuracy of such representations could affect the opinions referred to herein. We will not review on a continuing basis the
Company&#146;s nor any of its subsidiary&#146;s compliance with the documents or assumptions set forth above. Accordingly, no assurance can be given that the actual results of the Company&#146;s or any of its subsidiary&#146;s operations for its
2013 and subsequent taxable years will satisfy the requirements for qualification and taxation as a REIT. Although we have made such inquiries and performed such investigations, as we have deemed necessary for purposes of rendering this opinion, we
have not undertaken an independent investigation of all of the facts referred to in this letter and the Certificate. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Independence Realty Trust, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 3 </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing opinions are based on current provisions of the Code and the Regulations,
published administrative interpretations thereof, and published court decisions. The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code relating to REIT qualification. No assurance can
be given that the law will not change in a way that will prevent the Company from qualifying as a REIT. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement and to the use of our name as it appears under the caption &#147;Legal Matters.&#148; In giving this consent, we do not admit that we are in the category of persons whose consent
is required by Section&nbsp;7 of the Securities Act or the rules and regulations promulgated thereunder by the Securities and Exchange Commission. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The foregoing opinions are limited to the U.S. federal income tax matters addressed herein, and no other opinions are rendered with respect to other federal tax matters or to any issues arising under the
tax laws of any other country, or any state or locality. We undertake no obligation to update the opinions expressed herein after the date of this letter. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXHIBIT B </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Independence
Realty Trust, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">2929 Arch Street, 17</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philadelphia, Pennsylvania 19104 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Registration Statement on Form S-11 (File No.&nbsp;333-188577)</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have served as Maryland counsel to Independence Realty
Trust, Inc., a Maryland corporation (the &#147;Company&#148;), in connection with certain matters of Maryland law arising out of the registration of up to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] shares (the &#147;Shares&#148;) of common stock, $0.01 par value per share, of the Company (including up to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Shares that the underwriters in the Offering (as defined below) have the option to purchase solely to cover over-allotments) in an underwritten
initial public offering (the &#147;Offering&#148;), covered by the above-referenced Registration Statement, and all amendments thereto (the &#147;Registration Statement&#148;), filed by the Company with the United States Securities and Exchange
Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In
connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (herein collectively
referred to as the &#147;Documents&#148;): </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Registration Statement and the related form of prospectus included therein
in the form in which it was transmitted to the Commission under the 1933 Act; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The charter of the Company (the
&#147;Charter&#148;), certified by the State Department of Assessments and Taxation of Maryland (the &#147;SDAT&#148;); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.
The Bylaws of the Company, certified as of the date hereof by an officer of the Company; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. A certificate of the SDAT as to
the good standing of the Company, dated as of a recent date; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. Resolutions adopted by the Board of Directors of the Company
(the &#147;Board&#148;) or a duly authorized committee thereof relating to, among other matters, the sale, issuance and registration of the Shares (the &#147;Resolutions&#148;), certified as of the date hereof by an officer of the Company;
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Independence Realty Trust, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 2 </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. A certificate executed by an officer of the Company, dated as of the date hereof; and
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below,
subject to the assumptions, limitations and qualifications stated herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In expressing the opinion set forth below, we have
assumed the following: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. Each individual executing any of the Documents, whether on behalf of such individual or another
person, is legally competent to do so. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Each individual executing any of the Documents on behalf of a party (other than the
Company) is duly authorized to do so. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. Each of the parties (other than the Company) executing any of the Documents has duly
and validly executed and delivered each of the Documents to which such party is a signatory, and such party&#146;s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all
such Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral
or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The Shares will not be issued or transferred in violation of any restriction or limitation on transfer and ownership of shares of
stock of the Company contained in Section&nbsp;4.9 of the Charter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Company is a corporation duly incorporated and
existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Independence Realty Trust, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 3 </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The issuance of the Shares has been duly authorized and, when and if issued and
delivered against payment therefor in accordance with the Registration Statement, the Resolutions and any other resolutions adopted by the Board or a duly authorized committee thereof relating to the Shares, the Shares will be validly issued, fully
paid and nonassessable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing opinion is limited to the laws of the State of Maryland and we do not express any
opinion herein concerning any other law. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the
extent that any matter as to which our opinion is expressed herein would be governed by any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of
judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the
matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of
the 1933 Act. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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