<SEC-DOCUMENT>0001299933-15-001463.txt : 20151007
<SEC-HEADER>0001299933-15-001463.hdr.sgml : 20151007
<ACCEPTANCE-DATETIME>20151007162258
ACCESSION NUMBER:		0001299933-15-001463
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151002
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151007
DATE AS OF CHANGE:		20151007

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36041
		FILM NUMBER:		151149122

	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>8-K
<SEQUENCE>1
<FILENAME>htm_52515.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Independence Realty Trust, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	October 2, 2015
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	Independence Realty Trust, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Maryland
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	001-36041
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	26-4567130
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	Cira Centre, 2929 Arch Street, 17th Floor, Philadelphia, Pennsylvania
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	&nbsp;
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	19104
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	(215) 243-9000
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
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On October 2, 2015, the First Amendment (the "KeyBank Senior Credit Agreement Amendment") dated as of October 2, 2015 to the previously disclosed Credit Agreement (the "KeyBank Senior Credit Agreement ") dated as of September 17, 2015, was entered into by and among Independence Realty Operating Partnership, LP, ("IROP"), the operating partnership of Independence Realty Trust, Inc. ("IRT"), as parent borrower, the subsidiary borrowers named therein, KeyBank National Association ("KeyBank NA"), the other lenders named therein, KeyBank NA, as agent and issuing lender and as swing loan lender, The Huntington National Bank ("Huntington"), as syndication agent, KeyBanc Capital Markets ("KeyBank Capital") and Huntington, as joint lead arranger and book managers, and Capital One, National Association ("C1"), as documentation agent.  The KeyBank Senior Credit Agreement, relates to a previously disclosed $325 Million Senior Credit Facility.<br><br>The KeyBank Senior Credit Agreement Amendment amends the KeyBank Senior Credit Agreement by amending certain definitions contained therein, the provisions relating to collateral release, maximum distributions, events of default, approvals, survival and waiver of jury trial and certain damage claims<br><br>On October 2, 2015, the First Amendment ("KeyBank Interim Credit Agreement Amendment" and, together with the KeyBank Senior Credit Agreement Amendment, the "KeyBank Amendments" ) dated as of October 2, 2015 to the previously disclosed Credit Agreement the "KeyBank Interim Credit Agreement") dated as of September 17, 2015 was entered into by and among IROP, as borrower, KeyBank NA, the other lenders named therein, KeyBank NA, as agent, Huntington, as syndication agent, and KeyBanc Capital and Huntington, as joint lead arranger and joint book managers, and C1, as documentation agent.  The KeyBank Interim Credit Agreement relates to a previously disclosed $120 Million Senior Interim Term Loan Facility.<br><br>The KeyBank Senior Credit Agreement Amendment amends the KeyBank Interim Credit Agreement by amending certain definitions contained therein, the provisions relating to maximum distributions, events of default, approvals, survival and waiver of jury trial and certain damage claims.<br><br>The foregoing description of the KeyBank Senior Credit Agreement Amendment is not complete and is subject to and qualified in its entirety by reference to the full text of the KeyBank Senior Credit Agreement Amendment, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference. The foregoing description of the KeyBank Interim Credit Agreement Amendment is not complete and is subject to and qualified in its entirety by reference to the full text of the KeyBank Interim Credit Agreement Amendment, a copy of which is attached as Exhibit 10.2 hereto and incorporated herein by reference. <br><br>The KeyBank Amendments are not intended to provide any other factual or financial information about IRT or its subsidiaries and affiliates. The representations, warranties and covenants contained in the KeyBank Amendments were made only for purposes of those agreements and as of the respective dates of the KeyBank Amendments or such other dates as are specified in the KeyBank Amendments; were solely for the benefit of the parties to the KeyBank Amendments; have been qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the KeyBank Amendments instead of establishing these matters as facts; and are subject to materiality qualifications contained in the KeyBank Amendments that may differ from what may be viewed as material by investors. Investors should not rely on the representations, warranties and covenants or any description thereof as characterizations of the actual state of facts or condition of IRT or any of its subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the respective dates of the KeyBank Amendments, which subsequent information may or may not be fully reflected in public disclosures by IRT. The KeyBank Amendments should not be read alone but should instead be read in conjunction with the other information regarding the IRT and its subsidiaries and affiliates that is contained in the filings that IRT makes with the SEC. <br>  <br>
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	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The information provided in Item 1.01 above is incorporated by reference into this Item 2.03.<br><br>
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits. <br><br>The exhibits filed as part of this Current Report on Form 8-K are identified in the Exhibit Index immediately following the signature page of this report. Such Exhibit Index is incorporated herein by reference. <br>
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<B>
	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Independence Realty Trust, Inc.
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	&nbsp;&nbsp;
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<I>
	October 7, 2015
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	By:
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<I>
	/s/  James J. Sebra
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<I>
	Name: James J. Sebra
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<I>
	Title: Chief Financial Officer and Treasurer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	10.1
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First Amendment dated as of October 2, 2015 to Credit Agreement, dated as of September 17, 2015, by and among, Independence Realty Operating Partnership, LP, as Parent Borrower, KeyBank National Association, the other lenders which are parties to the Agreement and other lenders that may become parties to the Agreement, KeyBank National Association, as Agent and Issuing Lender and as Swing Loan Lender, The Huntington National Bank, as Syndication Agent, KeyBanc Capital Markets and The Huntington National Bank, as Joint Lead Arranger and Book Managers, and Capital One, National Association, as Documentation Agent, with respect to a $325 Million Senior Credit Facility.
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	10.2
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	&nbsp;
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First Amendment dated as of October 2, 2015 to Credit Agreement dated as of September 17, 2015 by and among Independence Realty Operating Partnership, LP, as Borrower, KeyBank National Association, <br>the other lenders which are parties to the Agreement and other lenders that may become parties to the Agreement, KeyBank National Association, as Agent, The Huntington National Bank, as Syndication Agent, and KeyBanc Capital Markets and The Huntington National Bank, as Joint Lead Arranger and Joint Book Managers, and Capital One, National Association, as Documentation Agent, with respect to a $120 Million Senior Interim Term Loan Facility.<br>
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<TYPE>EX-10.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><U><B>FIRST AMENDMENT TO CREDIT AGREEMENT</B></U></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%">This First Amendment to Credit Agreement (this &#147;<U>Amendment</U>&#148;) is made as of this 2nd day
of October, 2015, by and among <B>INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP</B>, a Delaware limited
partnership (&#147;<U>Parent Borrower</U>&#148;), the Subsidiary Borrowers which are, or may become from
time to time, parties to the Credit Agreement (as defined below), <B>KEYBANK NATIONAL ASSOCIATION</B>
(together with any successor in interest, &#147;<U>KeyBank</U>&#148;), the other lending institutions which
are, or may become from time to time, parties to the Credit Agreement as &#147;Lenders&#148; (as defined in
the Credit Agreement and as further referenced in the recitals below), <B>KEYBANK NATIONAL
ASSOCIATION</B>, as administrative agent for the Lenders (the &#147;<U>Agent</U>&#148;) and as Issuing Lender
and as Swing Loan Lender, <B>THE HUNTINGTON NATIONAL BANK</B>, as Syndication Agent (&#147;<U>Syndication
Agent</U>&#148;), <B>KEYBANC CAPITAL MARKETS </B>and <B>THE HUNTINGTON NATIONAL BANK</B>, as Joint Lead Arranger and
Joint Book Managers, and <B>CAPITAL ONE, NATIONAL ASSOCIATION</B>, as Documentation Agent
(&#147;<U>Documentation Agent</U>&#148;). <I>Capitalized terms not otherwise defined herein shall have the
meaning ascribed to them in the Credit Agreement.</I>


<P align="center" style="font-size: 12pt">W I T N E S S E T H:



<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Loan Parties, the Agent, and the Lenders have entered into a certain Credit
Agreement dated as of September&nbsp;17, 2015 (the &#147;<U>Credit Agreement</U>&#148;) wherein Agent and the
Lenders agreed to provide a credit facility to Borrowers in the aggregate principal amount of up to
$325,000,000.00 as therein provided; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, in connection with the credit facility, Borrowers have executed and delivered, among
other instruments, documents, and agreements, that certain revolving credit Note in the amount of
$75,000,000.00 payable to the order of KeyBank (&#147;<U>KeyBank Revolving Note</U>&#148;), that certain
revolving credit Note in the amount of $50,000,000.00 payable to the order of Huntington
(&#147;<U>Huntington Revolving Note</U>&#148;), that certain term loan Note in the amount of $120,000,000.00
payable to the order of KeyBank (&#147;<U>KeyBank Term Note</U>&#148;), that certain term loan Note in the
amount of $80,000,000.00 payable to the order of Huntington (&#147;<U>Huntington Term Note</U>&#148;;
together with the KeyBank Revolving Note, Huntington Revolving Note, KeyBank Term Note, singly and
collectively, the &#147;<U>Existing Lender Notes</U>&#148;); and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, in connection with the execution and delivery of this Amendment, each of: (i)&nbsp;Capital
One, National Association, (ii)&nbsp;Bank of America, N.A., (iii)&nbsp;MidFirst Bank, a federally chartered
Savings Association, (iv)&nbsp;Deutsche Bank AG New York Branch, (v)&nbsp;Comerica Bank, (vi)&nbsp;Citizens Bank,
N.A., (vii)&nbsp;Associated Bank, National Association, and (viii)&nbsp;The PrivateBank have become Lenders
(collectively, the &#147;<U>Additional Lenders</U>&#148;) and have agreed (together with KeyBank and The
Huntington National Bank, as existing Lenders) to make Commitments under the Credit Agreement, as
further provided herein; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Loan Parties, the Agent, and the Lenders have agreed to amend the Credit
Agreement as expressly set forth herein.


<P align="left" style="font-size: 12pt; text-indent: 4%">NOW, THEREFORE, the parties hereto agree as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U>Defined Terms; References</U>. Unless otherwise specifically defined herein, each term
used herein that is defined in the Credit Agreement has the meaning assigned to such term in the
Credit Agreement. Each reference to &#147;hereof&#148;, &#147;hereunder&#148;, &#147;herein&#148; and &#147;hereby&#148; and each other
similar reference and each reference to &#147;this Amendment&#148; and each other similar reference contained
in the Credit Agreement and other Loan Documents shall, after this Amendment becomes effective,
refer to the Credit Agreement as amended hereby.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;<U>Amendments to Credit Agreement</U>. Effective upon the execution and delivery of this
Amendment by all parties hereto, the Credit Agreement is hereby amended as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Documentation Agent</U>. Capital One, National Association is hereby
designated Documentation Agent under the Credit Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to &#167;1 of the Credit Agreement</U>. &#167;1.1 of the Credit
Agreement, entitled &#147;Definitions&#148;, is hereby modified and amended with respect to the
following defined terms as presently appearing therein:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;The definition of &#147;<U>Defaulting Lender</U>&#148; is hereby amended by
inserting the following text at the end of clause (b)&nbsp;thereof:



<P align="left" style="margin-left:12%; font-size: 12pt">&#147;</FONT><FONT style="font-size: 11pt">unless such notification or public statement relates to such Lender&#146;s
obligation to fund a Loan hereunder and states that such position is based
on such Lender&#146;s determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be
satisfied,</FONT><FONT style="font-size: 12pt">&#148;;
</FONT>


<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(ii)&nbsp;The definition of &#147;<U>Eligible Real Estate</U>&#148; is hereby amended by
inserting the following text at the end of clause (a)&nbsp;thereof:



<P align="left" style="margin-left:12%; font-size: 12pt">&#147;</FONT><FONT style="font-size: 11pt">, which Subsidiary Borrower shall be a domestic entity organized under
the laws of one of the fifty (50)&nbsp;States of the United States or the
District of Columbia.&#148;;
</FONT>


<P align="left" style="margin-left:8%; font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">(iii)&nbsp;The definition of &#147;<U>Gross Asset Value</U>&#148; is hereby amended by
replacing the phrase &#147;Pro Rate&#148; in the final paragraph thereof with the text &#147;Pro
Rata&#148;;
</FONT>


<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(iv)&nbsp;The definition of &#147;<U>Fixed Charges</U>&#148; is hereby amended by deleting
the first use of the word &#147;such&#148; in subsection (b)&nbsp;thereof, with the amended
subsection (b)&nbsp;to read as follows:



<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%">&#147;(b) </FONT><FONT style="font-size: 11pt">the aggregate of all regularly scheduled principal payments
on Indebtedness (but excluding (i)&nbsp;balloon payments of principal due upon
the stated maturity of any Indebtedness, (ii)&nbsp;payments of principal
outstanding under the Facility, and (iii)&nbsp;principal payments under the
Specified Interim Term Loan Facility) of the Consolidated Group made or
required to be made during such period, measured on a Consolidated basis,
and&#148;
</FONT>


<P align="left" style="margin-left:8%; font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">(v)&nbsp;The definition of &#147;<U>Subsidiary Borrowers</U>&#148; is hereby amended by
inserting the following text at the end thereof:
</FONT>


<P align="left" style="margin-left:15%; font-size: 12pt"><FONT style="font-size: 11pt">&#147;; <U>provided, however</U>, Subsidiary Borrowers shall not
include the following entities: Feldman Equities General Partner,
Inc.; Feldman Holdings Business Trust I; Feldman Holdings Business
Trust II; and Feldman Equities Operating Partnership, LP.&#148;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(c)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;5 of the Credit Agreement</U>. &#167;5 of the Credit Agreement,
entitled &#147;Collateral Security&#148;, is hereby modified and amended as follows:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;In &#167;5.4, entitled &#147;Release of Collateral&#148;, by deleting in the entirety the
text in &#167;5.4(b) thereof, as presently appearing therein, and by replacing the same
with the following:



<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%"><FONT style="font-size: 11pt">&#147;(b) Parent Borrower shall submit to the Agent with such request
an executed Borrowing Base Availability Certificate in the form of
<U>Exhibit&nbsp;F</U> hereto and a Compliance Certificate in the form of
<U>Exhibit&nbsp;G</U> hereto prepared using the financial statements of Parent
Borrower most recently provided or required to be provided to the Agent
under &#167;6.4 or &#167;7.4 adjusted in the best good faith estimate of Parent
Borrower solely to give effect to the proposed release and demonstrating
that no Default or Event of Default with respect to the financial covenants
referred to therein shall exist after giving effect to such release and if
the Borrowers would not be in compliance, then also showing any reduction in
the outstanding amount of the Loans need to be paid concurrently in
connection with such proposed release to cause the Borrowers to remain in
compliance with respect to such financial covenants;&#148;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(d)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;9 of the Credit Agreement</U>. &#167;9 of the Credit Agreement,
entitled &#147;Financial Covenants&#148;, is hereby modified and amended as follows:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;In &#167;9.4, entitled &#147;Maximum Distributions&#148;, by deleting in the entirety the
text of &#167;9.4(b) thereof, as presently appearing therein, and by replacing the same
with the following:



<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%"><FONT style="font-size: 11pt">&#147;(b) at any time that an Event of Default shall exist (or if an
Event of Default would result from the making of any such Distribution);
<U>provided, however</U>, that so long as no Event of Default under
&#167;12.1(a), &#167;12.1(b), &#167;12.1(h), &#167;12.1(i), and/or &#167;12.1(j) shall have occurred
and be continuing Distributions shall be permitted to the extent required
for the Parent Guarantor to comply with all applicable provisions of the
Code necessary or required to allow Parent Guarantor to maintain its status
as a real estate investment trust (but, for the avoidance of doubt, if any
Event of Default under &#167;12.1(a), &#167;12.1(b), &#167;12.1(h), &#167;12.1(i), and/or
&#167;12.1(j) shall have occurred and be continuing, no Distributions shall be
permitted).&#148;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(e)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;12 of the Credit Agreement</U>. &#167;12 of the Credit Agreement,
entitled &#147;Events of Default; Acceleration; Etc.&#148; is hereby amended as follows:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;In subsection 12.1(d) thereof, by deleting in the entirety the existing
text, as presently appearing therein, and by replacing the same as follows:



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">&#147;(d) any of the Borrowers shall fail to perform any other term, covenant or
agreement contained in &#167;9.1,&#167;9.2, &#167;9.3, &#167;9.4, &#167;9.5, &#167;9.6, &#167;9.7, &#167;9.8(a), or &#167;9.9
which they are required to perform;;&#148;



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(ii)&nbsp;In subsection 12.1(e) thereof, by deleting in the entirety the existing
text, as presently appearing therein, and by replacing the same as follows:



<P align="left" style="margin-left:8%; font-size: 12pt">&#147;any of the Loan Parties shall fail to perform any other term, covenant or
agreement contained herein or in any of the other Loan Documents which they are
required to perform (other than those specified in the other subclauses of this &#167;12
(including, without limitation, &#167;12.2 below) or in the other Loan Documents), and
such failure shall continue for thirty (30)&nbsp;days after such Borrower receives from
Agent written notice thereof; provided that the foregoing cure provisions shall not
pertain to any default consisting of a failure to comply with any provision of &#167;8
or to any Default excluded from any provision of cure of defaults contained in any
other of the Loan Documents;&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendment to &#167;14 of the Credit Agreement</U>. &#167;14 of the Credit Agreement,
entitled &#147;Agent&#148;, is hereby modified and amended as follows:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;In &#167;14.14, entitled &#147;Approvals&#148;, by deleting in the entirety the existing
text, as presently appearing therein, and by replacing the same as follows:



<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%"><FONT style="font-size: 11pt">&#147;14.14 <U>Approvals</U>. If consent is required for some action
under this Agreement, or except as otherwise provided herein an approval of
the Lenders or the Required Lenders is required or permitted under this
Agreement, each Lender agrees to give the Agent, within ten (10)&nbsp;days of
receipt of the request for action together with all reasonably requested
information related thereto (or such lesser period of time required by the
terms of the Loan Documents), notice in writing of approval or disapproval
(collectively &#147;<U>Directions</U>&#148;) in respect of any action requested or
proposed in writing pursuant to the terms hereof. To the extent that any
Lender does not approve any recommendation of Agent, such Lender shall in
such notice to Agent describe the actions that would be acceptable to such
Lender. If consent is required for the requested action, any Lender&#146;s
failure to respond to a request for Directions within the required time
period shall be deemed to constitute a Direction to take such requested
action; <U>provided, however</U>, that without limiting the obligation of
each Lender to respond to a request for Directions within the required time
period specified in this &#167;14.14, no such deemed Direction to take such
requested action shall be applicable with respect to any matter requiring
the written consent of each Lender adversely affected thereby as and to the
extent expressly provided in </FONT><FONT style="font-size: 12pt">&#167;27</FONT><FONT style="font-size: 11pt">. In the event that any
recommendation is not approved by the requisite number of Lenders and a
subsequent approval on the same subject matter is requested by Agent, then
for the purposes of this paragraph each Lender shall be required to respond
to a request for Directions within five (5)&nbsp;Business Days of receipt of such
request. Agent and each Lender shall be entitled to assume that any officer
of the other Lenders delivering any notice, consent, certificate or other
writing is authorized to give such notice, consent, certificate or other
writing unless Agent and such other Lenders have otherwise been notified in
writing.&#148;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(g)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;17 of the Credit Agreement</U>. &#167;17 of the Credit Agreement,
entitled &#147;Survival of Covenants, Etc.&#148;, is hereby modified and amended by adding the
following text at the end of the existing provision, as presently appearing therein:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:12%; font-size: 12pt">&#147;</FONT><FONT style="font-size: 11pt">Without limiting the generality of the foregoing, it is expressly
acknowledged and agreed by the Loan Parties that the provisions of &#167;4.4,
&#167;4.9, &#167;4.10, and &#167;4.11 shall survive the termination of the Credit Agreement
and the repayment of the Obligations.&#148;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(h)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;25 of the Credit Agreement</U>. &#167;25 of the Credit Agreement,
entitled &#147;Waiver of Jury Trial and Certain Damage Claims&#148; is hereby amended by deleting
in the entirety the existing text, as presently appearing therein, and by replacing the
same as follows:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:12%; font-size: 12pt"><B>&#147;EACH OF THE LOAN PARTIES, THE AGENT AND THE LENDERS HEREBY WAIVES ITS
RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF
ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY OF THE OTHER
LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE
PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS AND AGREE THAT NEITHER PARTY
WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A
JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY HEREBY WAIVES ANY
RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL,
INDIRECT OR CONSEQUENTIAL DAMAGES AND TO THE EXTENT PERMITTED BY APPLICABLE
LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES;
PROVIDED THAT NOTHING CONTAINED IN THIS SENTENCE SHALL LIMIT THE LOAN
PARTIES&#146; INDEMNIFICATION OBLIGATIONS TO THE EXTENT SUCH SPECIAL, INDIRECT,
CONSEQUENTIAL AND PUNITIVE DAMAGES ARE INCLUDED IN ANY THIRD PARTY CLAIM IN
CONNECTION WITH WHICH ANY INDEMNIFIED PERSON IS ENTITLED TO INDEMNIFICATION
HEREUNDER. EACH PARTY (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVERS AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND
CERTIFICATIONS CONTAINED IN THIS &#167;25. EACH PARTY ACKNOWLEDGES THAT IT HAS
HAD AN OPPORTUNITY TO REVIEW THIS &#167;25. WITH LEGAL COUNSEL AND THAT EACH
PARTY AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to Schedules to the Credit Agreement</U>. The Schedules to the
Credit Agreement, as presently appearing therein, are hereby modified and amended as
follows:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;Schedule&nbsp;1.1, entitled &#147;Lenders and Commitments&#148; is hereby amended and
replaced by Schedule&nbsp;1.1 attached hereto; and



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(ii)&nbsp;Schedule&nbsp;5.3, entitled &#147;Initial Collateral Properties&#148;, is hereby amended
and replaced by Schedule&nbsp;5.3 attached hereto.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>References to Credit Agreement</U>. From and after the execution and
delivery of this Amendment, any and all references in the Credit Agreement or the
other Loan Documents to the term &#147;Credit Agreement&#148; (however defined or described)
shall mean and refer to the Credit Agreement as amended by this Amendment.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;<U>New Notes</U>. In connection with the execution and delivery of this Amendment, (a)
KeyBank and Huntington, respectively, shall have executed and delivered certain Assignment and
Acceptance Agreements with the Additional Lenders referenced herein and (b)&nbsp;Borrowers shall have
executed and delivered new Notes in favor of the Lenders, in replacement of the Existing Lender
Notes pursuant to &#167;18 of the Credit Agreement, as requested by Agent, to give effect to such
Assignment and Acceptance Agreements and the revised Commitments of the Lenders, as set forth in
Schedule&nbsp;1.1 attached hereto. For the avoidance of doubt, the Swing Loan Note shall not be
replaced pursuant hereto.


<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;<U>Additional Representations and Warranties</U>.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the date hereof, the Loan Parties hereby acknowledge, confirm, represent,
warrant and agrees that:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;All representations and warranties made in the Credit Agreement and other
Loan Documents remain and continue to be true and correct in all material respects,
except to the extent that such representations and warranties expressly refer to an
earlier date.



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(ii)&nbsp;To the knowledge of the Loan Parties, there exists no Default or Event of
Default under any of the Loan Documents.



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(iii)&nbsp;No Loan Party has any claim, counterclaim, offset or defense against the
Agent and/or any Lender relating in any way to the Facility or the Loan Documents;



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(iv)&nbsp;Each Loan Party has the power and authority and legal right to execute,
deliver and perform this Amendment, and has taken all necessary action to authorize
the execution, delivery, and performance of this Amendment, and the Person executing
and delivering this Amendment on behalf of each Loan Party is duly authorized to do
so;



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(v)&nbsp;This Amendment has been duly authorized, executed and delivered by the Loan
Parties so as to constitute the legal, valid and binding obligations of each Loan
Party, enforceable in accordance with its terms, except as the same may be limited
by insolvency, bankruptcy, reorganization or other laws relating to or affecting the
enforcement of creditors&#146; rights or by general equitable principles;



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(vi)&nbsp;The execution and delivery by each Loan Party of, and the performance by
each Loan Party of its obligations under, this Amendment does not and will not (A)
conflict with or result in any breach or contravention of any provision of law,
statute, rule or regulation to which any Loan Party is subject or any judgment,
order, writ, injunction, license or permit applicable to any Loan Party, in each
case except as would not be reasonably likely to have a Material Adverse Effect, or
of the partnership agreement, limited liability company agreement, articles of
incorporation or other charter documents or bylaws of each Loan Party, or (B)
conflict with or result in a breach of, constitute a default or require any consent
under, or result in or require the acceleration of any indebtedness of each Loan
Party under, any agreement, instrument or indenture to which each Loan Party is a
party or by which each Loan Party or its property may be bound or affected, or
result in the creation of any Lien upon any property or assets of each Loan Party.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.&nbsp;<U>General Terms</U>.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as expressly amended hereby, the remaining terms and conditions of the
Credit Agreement shall continue in full force and effect. All future references to
the &#147;Credit Agreement&#148; (however defined or described) shall be deemed to be references
to the Credit Agreement as amended by this Amendment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Amendment, which may be executed in multiple counterparts, constitutes
the entire agreement of the parties regarding the matters contained herein and shall
not be modified by any prior oral or written discussions. Delivery of an executed
counterpart of a signature page of this Amendment by telecopy or other electronic
imaging transmission (e.g. PDF by email) shall be effective as delivery of a manually
executed counterpart of this Amendment. The Loan Parties hereby ratify, confirm and
reaffirm all of the terms and conditions of the Credit Agreement, and each of the
other Loan Documents, and further acknowledge and agree that all of the terms and
conditions of the Credit Agreement shall remain in full force and effect except as
expressly provided in this Amendment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Amendment shall be binding upon and inure to the benefit of the
successors and assigns of the parties hereto.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Loan Parties shall cooperate with the Agent and shall execute and deliver
to the Agent such further instruments and documents as the Agent shall reasonably
request to carry out to its satisfaction the transactions contemplated by this
Amendment and the other Loan Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The respective Obligations of the Loan Parties under the Loan Documents, as
modified herein and/or further amended and restated pursuant hereto, are and shall
continue to be secured by the same Collateral as set forth under the Loan Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any determination that any provision of this Amendment or any application
hereof is invalid, illegal or unenforceable in any respect and in any instance shall
not affect the validity, legality or enforceability of such provision in any other
instance, or the validity, legality or enforceability of any other provisions of this
Amendment.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt; text-indent: 4%">6.&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.


<P align="center" style="font-size: 12pt"><B>&#091;SIGNATURES ON FOLLOWING PAGE&#093;</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">It is intended that this Amendment take effect as an instrument under seal as of the
date first written above.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PARENT BORROWER:</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP</B>, a Delaware limited partnership<BR>
By: Independence Realty Trust, Inc., a Maryland corporation, its general<BR>
partner<BR>
By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 11pt">SUBSIDIARY BORROWERS:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>BAYVIEW CLUB APARTMENTS INDIANA, LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Independence Realty Operating Partnership, LP, a</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Delaware limited partnership, its sole member</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc., a Maryland<BR>
corporation, its general partner</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TS VINTAGE, LLC</B>,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%">By: IR TS Op Co, LLC, a Delaware limited liability



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 7%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Operating Partnership, LP,<BR>
a Delaware limited partnership, its sole member</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Trust, Inc., a Maryland


<P align="left" style="font-size: 11pt; text-indent: 29%">corporation, its general partner


<P align="left" style="font-size: 11pt; text-indent: 29%">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>TS CRAIG RANCH, LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%">By: IR TS Op Co, LLC, a Delaware limited liability



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 7%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Operating Partnership, LP,<BR>
a Delaware limited partnership, its sole member</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Trust, Inc., a Maryland


<P align="left" style="font-size: 11pt; text-indent: 29%">corporation, its general partner


<P align="left" style="font-size: 11pt; text-indent: 29%">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>TS BIG CREEK, LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%">By: IR TS Op Co, LLC, a Delaware limited liability



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 7%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Operating Partnership, LP,<BR>
a Delaware limited partnership, its sole member</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Trust, Inc., a Maryland


<P align="left" style="font-size: 11pt; text-indent: 29%">corporation, its general partner


<P align="left" style="font-size: 11pt; text-indent: 29%">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>TS GOOSE CREEK, LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%">By: IR TS Op Co, LLC, a Delaware limited liability



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 7%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Operating Partnership, LP,<BR>
a Delaware limited partnership, its sole member</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Trust, Inc., a Maryland


<P align="left" style="font-size: 11pt; text-indent: 29%">corporation, its general partner


<P align="left" style="font-size: 11pt; text-indent: 29%">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>TS WESTMONT, LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%">By: IR TS Op Co, LLC, a Delaware limited liability



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 7%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Operating Partnership, LP,<BR>
a Delaware limited partnership, its sole member</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Trust, Inc., a Maryland


<P align="left" style="font-size: 11pt; text-indent: 29%">corporation, its general partner


<P align="left" style="font-size: 11pt; text-indent: 29%">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->


<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>TS MILLER CREEK, LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%">By: IR TS Op Co, LLC, a Delaware limited liability



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 7%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Operating Partnership, LP,<BR>
a Delaware limited partnership, its sole member</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Trust, Inc., a Maryland


<P align="left" style="font-size: 11pt; text-indent: 29%">corporation, its general partner


<P align="left" style="font-size: 11pt; text-indent: 29%">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>WAKE FOREST APARTMENTS LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%">By: IR TS Op Co, LLC, a Delaware limited liability



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 7%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Operating Partnership, LP,<BR>
a Delaware limited partnership, its sole member</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Trust, Inc., a Maryland


<P align="left" style="font-size: 11pt; text-indent: 29%">corporation, its general partner


<P align="left" style="font-size: 11pt; text-indent: 29%">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->


<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 4%"><B>BSF-ARBORS RIVER OAKS, LLC</B>,



<P align="left" style="margin-left:19%; font-size: 11pt">a Florida limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TS Manager, LLC, a Florida limited liability</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company, its manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IR TS Op Co, LLC, a Delaware limited liability</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 10%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Operating Partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">LP, a Delaware limited partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.,<BR>
a Maryland corporation,<BR>
its general partner</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BSF LAKESHORE, LLC</B>,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:19%; font-size: 11pt">a Florida limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TS Manager, LLC, a Florida limited liability</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company, its manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IR TS Op Co, LLC, a Delaware limited liability</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 10%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Operating Partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">LP, a Delaware limited partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.,<BR>
a Maryland corporation,<BR>
its general partner</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BSF TRAILS, LLC</B>,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:19%; font-size: 11pt">a Florida limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TS Manager, LLC, a Florida limited liability</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company, its manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IR TS Op Co, LLC, a Delaware limited liability</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 10%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Operating Partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">LP, a Delaware limited partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.,<BR>
a Maryland corporation,<BR>
its general partner</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FOX PARTNERS, LLC</B>,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:19%; font-size: 11pt">a Texas limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TS Manager, LLC, a Florida limited liability</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company, its manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IR TS Op Co, LLC, a Delaware limited liability</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 10%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Operating Partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">LP, a Delaware limited partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.,<BR>
a Maryland corporation,<BR>
its general partner</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MERCE PARTNERS, LLC</B>,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:19%; font-size: 11pt">a Texas limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TS Manager, LLC, a Florida limited liability</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company, its manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IR TS Op Co, LLC, a Delaware limited liability</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 10%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Operating Partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">LP, a Delaware limited partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.,<BR>
a Maryland corporation,<BR>
its general partner</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>JLC/BUSF ASSOCIATES, LLC</B>,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:19%; font-size: 11pt">a Delaware limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TS Manager, LLC, a Florida limited liability</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company, its manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IR TS Op Co, LLC, a Delaware limited liability</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:15%; font-size: 11pt; text-indent: 10%">company, successor by conversion to Trade Street Operating
Partnership, LP, its sole member


<P align="left" style="font-size: 11pt; text-indent: 25%">By: Independence Realty Operating Partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">LP, a Delaware limited partnership,


<P align="left" style="font-size: 11pt; text-indent: 29%">its sole member

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.,<BR>
a Maryland corporation,<BR>
its general partner</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POINTE AT CANYON RIDGE, LLC</B>,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:19%; font-size: 11pt">a Georgia limited liability company

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">JLC/BUSF Associates, LLC, a Delaware limited liability</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company, its sole member
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TS Manager, LLC, a Florida limited liability<BR>
company, its manager</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By:
IR TS Op Co, LLC, a Delaware limited
liability company, successor by conversion
to Trade Street Operating Partnership, LP,
its sole member</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="29%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By:
Independence Realty Operating
Partnership, LP, a Delaware limited
partnership, its sole member</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 31%">By: Independence Realty Trust, Inc.,


<P align="left" style="font-size: 11pt; text-indent: 35%">a Maryland corporation,


<P align="left" style="font-size: 11pt; text-indent: 35%">its general partner


<P align="left" style="font-size: 11pt; text-indent: 35%">By:<U> /s/ Farrell Ender</U> Name: Farrell Ender<BR>
Title: President<BR>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt">AGENT and LENDER:</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt"><B>KEYBANK NATIONAL ASSOCIATION</B><BR>
By: /s/ Christopher T. Neil</FONT></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt">Name: Christopher T. Neil<BR>
Title: Senior Relationship Manager</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">LENDERS:</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">THE HUNTINGTON NATIONAL BANK</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">By: /s/ Michael Mitro</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" rowspan="2">Name: Michael Mitro<BR></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Title: Senior Vice President</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</CENTER>


<P align="left" style="font-size: 12pt; text-indent: 19%">CAPITAL ONE, NATIONAL ASSOCIATION



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Frederick H. Denecke</U><BR>
Name: Frederick H. Denecke<BR>
Title: Senior Vice President<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">BANK OF AMERICA, N.A.



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Michael W. Edwards</U><BR>
Name: Michael W. Edwards<BR>
Title: Senior Vice President<BR>



<P align="left" style="margin-left:19%; font-size: 12pt">MIDFIRST BANK, A FEDERALLY CHARTERED SAVINGS ASSOCIATION



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Todd Wright</U><BR>
Name: Todd Wright<BR>
Title: First Vice President<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">DEUTSCHE BANK AG NEW YORK BRANCH



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ James Rolison</U><BR>
Name: James Rolison<BR>
Title: Managing Director<BR>



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Perry Forman</U><BR>
Name: Perry Forman<BR>
Title: Director<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">COMERICA BANK



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Charles Weddell</U><BR>
Name: Charles Weddell<BR>
Title: Alt Group Manager &#151; VP<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">CITIZENS BANK, N.A.



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Nan E. Delahunt</U><BR>
Name: Nan E. Delahunt<BR>
Title: Vice President<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">ASSOCIATED BANK, NATIONAL ASSOCIATION



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Greg Conner</U><BR>
Name: Greg Conner<BR>
Title: Vice President<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">THE PRIVATEBANK



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Kathy Thurston</U><BR>
Name: Kathy Thurston<BR>
Title: Managing Director<BR>


<P align="center" style="font-size: 12pt"><B>GUARANTOR CONFIRMATION</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">The undersigned Guarantors hereby expressly acknowledge and consent to the foregoing First
Amendment to Credit Agreement and acknowledge and agree that each Guarantor remains jointly and
severally obligated for the various obligations and liabilities of the Borrower to the Agent and
the Lenders under the Credit Agreement as provided in the Guaranty dated September&nbsp;17, 2015



<P align="left" style="margin-left:23%; font-size: 12pt"><B>INDEPENDENCE REALTY TRUST, INC.</B>, a Maryland
corporation



<P align="left" style="margin-left:23%; font-size: 12pt">By: <U>/s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>



<P align="left" style="margin-left:23%; font-size: 12pt"><B>IR TS OP CO, LLC</B>, a Delaware limited liability



<P align="left" style="margin-left:23%; font-size: 12pt">company, successor by conversion to Trade Street
Operating Partnership, LP


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="23%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By:
Independence Realty Operating Partnership, LP, a
Delaware limited partnership, its sole member</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By:
Independence Realty Trust, Inc., a
Maryland corporation, its general partner</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:31%; font-size: 12pt">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>


<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><U>Address for Notices</U>:
</FONT>

<P align="left" style="font-size: 10pt">Independence Realty Trust, Inc. and


<P align="left" style="font-size: 10pt"><BR>
IR TS Op Co, LLC
<BR>
Cira Centre
<BR>
2929 Arch Street, 17th Floor
<BR>
Philadelphia, Pennsylvania 19104
<BR>
Attn: Farrell Ender, President
<BR>
E-mail: <U>fender@irtreit.com</U>
<BR>
Fax: (215)&nbsp;405-2945

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With a copy to:</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.<BR>
Cira Centre<BR>
2929 Arch Street, 17th Floor<BR>
Philadelphia, Pennsylvania 19104<BR>
Attn: General Counsel<BR>
Email: jnorman@rait.com<BR>
Fax: (215)&nbsp;405-2945
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pepper Hamilton LLP<BR>
The New York Times Building<BR>
620 Eighth Avenue, 37th Floor<BR>
New York, New York 10018-1405<BR>
Attn: Paul W. Hespel, Esq.<BR>
E-Mail: hespelp@pepperlaw.com<BR>
Fax: (212)&nbsp;286-9806</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">6




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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-10.2
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<TITLE> EX-10.2 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><U><B>FIRST AMENDMENT TO CREDIT AGREEMENT</B></U></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%">This First Amendment to Credit Agreement (this &#147;<U>Amendment</U>&#148;) is made as of this 2nd day
of October, 2015, by and among <B>INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP</B>, a Delaware limited
partnership (&#147;<U>Borrower</U>&#148;), <B>KEYBANK NATIONAL ASSOCIATION </B>(together with any successor in
interest, &#147;<U>KeyBank</U>&#148;), the other lending institutions which are, or may become from time to
time, parties to the Credit Agreement as &#147;Lenders&#148; (as defined in the Credit Agreement and as
further referenced in the recitals below), <B>KEYBANK NATIONAL ASSOCIATION</B>, as administrative agent
for the Lenders (the &#147;<U>Agent</U>&#148;), <B>THE HUNTINGTON NATIONAL BANK</B>, as Syndication Agent
(&#147;<U>Syndication Agent</U>&#148;), <B>KEYBANC CAPITAL MARKETS </B>and <B>THE HUNTINGTON NATIONAL BANK</B>, as Joint
Lead Arranger and Joint Book Managers, and <B>CAPITAL ONE, NATIONAL ASSOCIATION</B>, as Documentation
Agent (&#147;<U>Documentation Agent</U>&#148;). <I>Capitalized terms not otherwise defined herein shall have
the meaning ascribed to them in the Credit Agreement.</I>


<P align="center" style="font-size: 12pt">W I T N E S S E T H:



<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Loan Parties, the Agent, and the Lenders have entered into a certain Credit
Agreement dated as of September&nbsp;17, 2015 (the &#147;<U>Credit Agreement</U>&#148;) wherein Agent and the
Lenders agreed to provide a credit facility to Borrower in the aggregate principal amount of up to
$120,000,000.00 as therein provided; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, in connection with the credit facility, Borrower have executed and delivered, among
other instruments, documents, and agreements, that certain term loan Note in the amount of
$72,000,000.00 payable to the order of KeyBank (&#147;<U>KeyBank Term Note</U>&#148;), that certain term
loan Note in the amount of $48,000,000.00 payable to the order of Huntington (&#147;<U>Huntington Term
Note</U>&#148;; together with the KeyBank Term Note, singly and collectively, the &#147;<U>Existing Lender
Notes</U>&#148;); and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, in connection with the execution and delivery of this Amendment, each of: (i)&nbsp;Capital
One, National Association, (ii)&nbsp;Bank of America, N.A., (iii)&nbsp;MidFirst Bank, a federally chartered
Savings Association, (iv)&nbsp;Comerica Bank, (v)&nbsp;Citizens Bank, N.A., (vi)&nbsp;and (vii)&nbsp;The PrivateBank
have become Lenders (collectively, the &#147;<U>Additional Lenders</U>&#148;) and have agreed (together with
KeyBank and The Huntington National Bank, as existing Lenders) to make Commitments under the Credit
Agreement, as further provided herein; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Loan Parties, the Agent, and the Lenders have agreed to amend the Credit
Agreement as expressly set forth herein.


<P align="left" style="font-size: 12pt; text-indent: 4%">NOW, THEREFORE, the parties hereto agree as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U>Defined Terms; References</U>. Unless otherwise specifically defined herein, each term
used herein that is defined in the Credit Agreement has the meaning assigned to such term in the
Credit Agreement. Each reference to &#147;hereof&#148;, &#147;hereunder&#148;, &#147;herein&#148; and &#147;hereby&#148; and each other
similar reference and each reference to &#147;this Amendment&#148; and each other similar reference contained
in the Credit Agreement and other Loan Documents shall, after this Amendment becomes effective,
refer to the Credit Agreement as amended hereby.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;<U>Amendments to Credit Agreement</U>. Effective upon the execution and delivery of this
Amendment by all parties hereto, the Credit Agreement is hereby amended as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Documentation Agent</U>. Capital One, National Association is hereby
designated Documentation Agent under the Credit Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to &#167;1 of the Credit Agreement</U>. &#167;1.1 of the Credit
Agreement, entitled &#147;Definitions&#148;, is hereby modified and amended with respect to the
following defined terms as presently appearing therein:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;The definition of &#147;<U>Defaulting Lender</U>&#148; is hereby amended by
inserting the following text at the end of clause (b)&nbsp;thereof:



<P align="left" style="margin-left:12%; font-size: 12pt">&#147;</FONT><FONT style="font-size: 11pt">unless such notification or public statement relates to such Lender&#146;s
obligation to fund a Loan hereunder and states that such position is based
on such Lender&#146;s determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be
satisfied,</FONT><FONT style="font-size: 12pt">&#148;;
</FONT>


<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(ii)&nbsp;The definition of &#147;Excluded Subsidiary&#148; is hereby deleted in its entirety,
as presently appearing, and replaced with the following:



<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%"><FONT style="font-size: 11pt">&#147;<U>Excluded Subsidiary</U>. Each of (a)&nbsp;IRT UPREIT Lender, LP,
(b)&nbsp;IRT UPREIT Lender Limited Partner, LLC, (c)&nbsp;BREF/Midlothian, LLC, (d)
MTC-East, LLC, (e)&nbsp;TS Manager LLC, (f)&nbsp;Trade Street Property Management,
LLC, (g)&nbsp;Bayview Club TIC I &#150; XXVII LLCs, (h)&nbsp;Feldman Equities General
Partner, Inc., (i)&nbsp;Feldman Holdings Business Trust I, (j)&nbsp;Feldman Holdings
Business Trust II and (k)&nbsp;Feldman Equities Operating Partnership, LP. and,
collectively, the &#147;Excluded Subsidiaries&#148;.&#148;
</FONT>


<P align="left" style="margin-left:8%; font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">(iii)&nbsp;The definition of &#147;<U>Fixed Charges</U>&#148; is hereby amended by
deleting the first use of the word &#147;such&#148; in subsection (b)&nbsp;thereof, with the
amended subsection (b)&nbsp;to read as follows:
</FONT>


<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%">&#147;</FONT><FONT style="font-size: 11pt">(b)&nbsp;the aggregate of all regularly scheduled principal payments
on Indebtedness (but excluding (i)&nbsp;balloon payments of principal due upon
the stated maturity of any Indebtedness, (ii)&nbsp;payments of principal
outstanding under the Facility, and (iii)&nbsp;principal payments under the
Specified Senior Secured Credit Facility) of the Consolidated Group made or
required to be made during such period, measured on a Consolidated basis,
and&#148;.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(c)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;9 of the Credit Agreement</U>. &#167;9 of the Credit Agreement,
entitled &#147;Financial Covenants&#148;, is hereby modified and amended as follows:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;In &#167;9.4, entitled &#147;Maximum Distributions&#148;, by deleting in the entirety the
text of &#167;9.4(b) thereof, as presently appearing therein, and by replacing the same
with the following:



<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%"><FONT style="font-size: 11pt">&#147;(b) at any time that an Event of Default shall exist (or if an
Event of Default would result from the making of any such Distribution);
<U>provided, however</U>, that so long as no Event of Default under
&#167;12.1(a), &#167;12.1(b), &#167;12.1(h), &#167;12.1(i), and/or &#167;12.1(j) shall have occurred
and be continuing Distributions shall be permitted to the extent required
for the Parent Guarantor to comply with all applicable provisions of the
Code necessary or required to allow Parent Guarantor to maintain its status
as a real estate investment trust (but, for the avoidance of doubt, if any
Event of Default under &#167;12.1(a), &#167;12.1(b), &#167;12.1(h), &#167;12.1(i), and/or
&#167;12.1(j) shall have occurred and be continuing, no Distributions shall be
permitted).&#148;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(d)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;12 of the Credit Agreement</U>. &#167;12 of the Credit Agreement,
entitled &#147;Events of Default; Acceleration; Etc.&#148; is hereby amended as follows:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;In subsection 12.1(e) thereof, by deleting in the entirety the existing
text, as presently appearing therein, and by replacing the same as follows:



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">&#147;Borrower or any other Loan Party shall fail to perform any other term,
covenant or agreement contained herein or in any of the other Loan Documents which
it is required to perform (other than those specified in the other subclauses of
this &#167;12 (including, without limitation, &#167;12.2 below) or in the other Loan
Documents), and such failure shall continue for thirty (30)&nbsp;days after Borrower
receives from Agent written notice thereof; provided that the foregoing cure
provisions shall not pertain to any default consisting of a failure to comply with
any provision of &#167;8 or &#167;7.17, or to any Default excluded from any provision of cure
of defaults contained in any other of the Loan Documents;&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendment to &#167;14 of the Credit Agreement</U>. &#167;14 of the Credit Agreement,
entitled &#147;Agent&#148;, is hereby modified and amended as follows:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;In &#167;14.14, entitled &#147;Approvals&#148;, by deleting in the entirety the existing
text, as presently appearing therein, and by replacing the same as follows:



<P align="left" style="margin-left:12%; font-size: 12pt; text-indent: 3%">&#147;14.14 <U>Approvals</U>. If consent is required for some action under
this Agreement, or except as otherwise provided herein an approval of the
Lenders or the Required Lenders is required or permitted under this
Agreement, each Lender agrees to give the Agent, within ten (10)&nbsp;days of
receipt of the request for action together with all reasonably requested
information related thereto (or such lesser period of time required by the
terms of the Loan Documents), notice in writing of approval or disapproval
(collectively &#147;<U>Directions</U>&#148;) in respect of any action requested or
proposed in writing pursuant to the terms hereof. To the extent that any
Lender does not approve any recommendation of Agent, such Lender shall in
such notice to Agent describe the actions that would be acceptable to such
Lender. If consent is required for the requested action, any Lender&#146;s
failure to respond to a request for Directions within the required time
period shall be deemed to constitute a Direction to take such requested
action; <U>provided, however</U>, that without limiting the obligation of
each Lender to respond to a request for Directions within the required time
period specified in this &#167;14.14, no such deemed Direction to take such
requested action shall be applicable with respect to any matter requiring
the written consent of each Lender adversely affected thereby as and to the
extent expressly provided in &#167;27. In the event that any recommendation is
not approved by the requisite number of Lenders and a subsequent approval on
the same subject matter is requested by Agent, then for the purposes of this
paragraph each Lender shall be required to respond to a request for
Directions within five (5)&nbsp;Business Days of receipt of such request. Agent
and each Lender shall be entitled to assume that any officer of the other
Lenders delivering any notice, consent, certificate or other writing is
authorized to give such notice, consent, certificate or other writing unless
Agent and such other Lenders have otherwise been notified in writing.&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendment to &#167;17 of the Credit Agreement</U>. &#167;17 of the Credit Agreement,
entitled &#147;Survival of Covenants, Etc.&#148;, is hereby modified and amended by adding the
following text at the end of the existing provision, as presently appearing therein:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:12%; font-size: 12pt">&#147;</FONT><FONT style="font-size: 11pt">Without limiting the generality of the foregoing, it is expressly
acknowledged and agreed by the Loan Parties that the provisions of &#167;4.4,
&#167;4.9, &#167;4.10, and &#167;4.11 shall survive the termination of the Credit Agreement
and the repayment of the Obligations.&#148;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(g)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><U>Amendment to &#167;25 of the Credit Agreement</U>. &#167;25 of the Credit Agreement,
entitled &#147;Waiver of Jury Trial and Certain Damage Claims&#148; is hereby amended by deleting
in the entirety the existing text, as presently appearing therein, and by replacing the
same as follows:</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt"><B>&#147;EACH OF THE LOAN PARTIES, THE AGENT AND THE LENDERS HEREBY WAIVES ITS RIGHT TO A
JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN
CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, ANY
RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND
OBLIGATIONS AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION
WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH
PARTY HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION
ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES AND TO THE EXTENT PERMITTED BY
APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL
DAMAGES; PROVIDED THAT NOTHING CONTAINED IN THIS SENTENCE SHALL LIMIT THE LOAN
PARTIES&#146; INDEMNIFICATION OBLIGATIONS TO THE EXTENT SUCH SPECIAL, INDIRECT,
CONSEQUENTIAL AND PUNITIVE DAMAGES ARE INCLUDED IN ANY THIRD PARTY CLAIM IN
CONNECTION WITH WHICH ANY INDEMNIFIED PERSON IS ENTITLED TO INDEMNIFICATION
HEREUNDER. EACH PARTY (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B)
ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER
THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS &#167;25. EACH PARTY
ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO REVIEW THIS &#167;25 WITH LEGAL COUNSEL
AND THAT EACH PARTY AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.&#148;</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to Schedules to the Credit Agreement</U>. The Schedules to the
Credit Agreement, as presently appearing therein, are hereby modified and amended as
follows:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;Schedule&nbsp;1.1, entitled &#147;Lenders and Commitments&#148; is hereby amended and
replaced by Schedule&nbsp;1.1 attached hereto.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>References to Credit Agreement</U>. From and after the execution and
delivery of this Amendment, any and all references in the Credit Agreement or the
other Loan Documents to the term &#147;Credit Agreement&#148; (however defined or described)
shall mean and refer to the Credit Agreement as amended by this Amendment.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;<U>New Notes</U>. In connection with the execution and delivery of this Amendment, (a)
KeyBank and Huntington, respectively, shall have executed and delivered certain Assignment and
Acceptance Agreements with the Additional Lenders referenced herein and (b)&nbsp;Borrower shall have
executed and delivered new Notes in favor of the Lenders, in replacement of the Existing Lender
Notes pursuant to &#167;18 of the Credit Agreement, as requested by Agent, to give effect to such
Assignment and Acceptance Agreements and the revised Commitments of the Lenders, as set forth in
Schedule&nbsp;1.1 attached hereto.


<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;<U>Additional Representations and Warranties</U>.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the date hereof, the Loan Parties hereby acknowledge, confirm, represent,
warrant and agrees that:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(i)&nbsp;All representations and warranties made in the Credit Agreement and other
Loan Documents remain and continue to be true and correct in all material respects,
except to the extent that such representations and warranties expressly refer to an
earlier date.



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(ii)&nbsp;To the knowledge of the Loan Parties, there exists no Default or Event of
Default under any of the Loan Documents.



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(iii)&nbsp;No Loan Party has any claim, counterclaim, offset or defense against the
Agent and/or any Lender relating in any way to the Facility or the Loan Documents;



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(iv)&nbsp;Each Loan Party has the power and authority and legal right to execute,
deliver and perform this Amendment, and has taken all necessary action to authorize
the execution, delivery, and performance of this Amendment, and the Person executing
and delivering this Amendment on behalf of each Loan Party is duly authorized to do
so;



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(v)&nbsp;This Amendment has been duly authorized, executed and delivered by the Loan
Parties so as to constitute the legal, valid and binding obligations of each Loan
Party, enforceable in accordance with its terms, except as the same may be limited
by insolvency, bankruptcy, reorganization or other laws relating to or affecting the
enforcement of creditors&#146; rights or by general equitable principles;



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">(vi)&nbsp;The execution and delivery by each Loan Party of, and the performance by
each Loan Party of its obligations under, this Amendment does not and will not (A)
conflict with or result in any breach or contravention of any provision of law,
statute, rule or regulation to which any Loan Party is subject or any judgment,
order, writ, injunction, license or permit applicable to any Loan Party, in each
case except as would not be reasonably likely to have a Material Adverse Effect, or
of the partnership agreement, limited liability company agreement, articles of
incorporation or other charter documents or bylaws of each Loan Party, or (B)
conflict with or result in a breach of, constitute a default or require any consent
under, or result in or require the acceleration of any indebtedness of each Loan
Party under, any agreement, instrument or indenture to which each Loan Party is a
party or by which each Loan Party or its property may be bound or affected, or
result in the creation of any Lien upon any property or assets of each Loan Party.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.&nbsp;<U>General Terms</U>.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as expressly amended hereby, the remaining terms and conditions of the
Credit Agreement shall continue in full force and effect. All future references to
the &#147;Credit Agreement&#148; (however defined or described) shall be deemed to be references
to the Credit Agreement as amended by this Amendment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Amendment, which may be executed in multiple counterparts, constitutes
the entire agreement of the parties regarding the matters contained herein and shall
not be modified by any prior oral or written discussions. Delivery of an executed
counterpart of a signature page of this Amendment by telecopy or other electronic
imaging transmission (e.g. PDF by email) shall be effective as delivery of a manually
executed counterpart of this Amendment. The Loan Parties hereby ratify, confirm and
reaffirm all of the terms and conditions of the Credit Agreement, and each of the
other Loan Documents, and further acknowledge and agree that all of the terms and
conditions of the Credit Agreement shall remain in full force and effect except as
expressly provided in this Amendment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Amendment shall be binding upon and inure to the benefit of the
successors and assigns of the parties hereto.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Loan Parties shall cooperate with the Agent and shall execute and deliver
to the Agent such further instruments and documents as the Agent shall reasonably
request to carry out to its satisfaction the transactions contemplated by this
Amendment and the other Loan Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The respective Obligations of the Loan Parties under the Loan Documents, as
modified herein and/or further amended and restated pursuant hereto, are and shall
continue to be secured by the same Collateral as set forth under the Loan Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any determination that any provision of this Amendment or any application
hereof is invalid, illegal or unenforceable in any respect and in any instance shall
not affect the validity, legality or enforceability of such provision in any other
instance, or the validity, legality or enforceability of any other provisions of this
Amendment.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt; text-indent: 4%">6.&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.


<P align="center" style="font-size: 12pt"><B>&#091;SIGNATURES ON FOLLOWING PAGE&#093;</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">It is intended that this Amendment take effect as an instrument under seal as of the
date first written above.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BORROWER:</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP</B>, a Delaware limited partnership<BR>
By: Independence Realty Trust, Inc., a Maryland corporation, its general<BR>
partner<BR>
By: /s/ Farrell Ender</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Farrell Ender<BR>
Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AGENT and LENDER:</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>KEYBANK NATIONAL ASSOCIATION</B><BR>
By: /s/ Christopher T. Neil</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Christopher T. Neil<BR>
Title: Senior Relationship Manager</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">LENDERS:</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">THE HUNTINGTON NATIONAL BANK</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">By: /s/ Michael Mitro</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" rowspan="2">Name: Michael Mitro<BR></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Title: Senior Vice President</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</CENTER>


<P align="left" style="font-size: 12pt; text-indent: 19%">CAPITAL ONE, NATIONAL ASSOCIATION



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Frederick H. Denecke</U><BR>
Name: Frederick H. Denecke<BR>
Title: Senior Vice President<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">BANK OF AMERICA, N.A.



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Michael W. Edwards</U><BR>
Name: Michael W. Edwards<BR>
Title: Senior Vice President<BR>



<P align="left" style="margin-left:19%; font-size: 12pt">MIDFIRST BANK, A FEDERALLY CHARTERED SAVINGS ASSOCIATION



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Todd Wright</U><BR>
Name: Todd Wright<BR>
Title: First Vice President<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">COMERICA BANK



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Charles Weddell</U><BR>
Name: Charles Weddell<BR>
Title: Alt Group Manager &#151; VP<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">CITIZENS BANK, N.A.



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Nan E. Delahunt</U><BR>
Name: Nan E. Delahunt<BR>
Title: Vice President<BR>


<P align="left" style="font-size: 12pt; text-indent: 19%">THE PRIVATEBANK



<P align="left" style="margin-left:19%; font-size: 12pt">By: <U>/s/ Kathy Thurston</U><BR>
Name: Kathy Thurston<BR>
Title: Managing Director<BR>


<P align="center" style="font-size: 12pt"><B>GUARANTOR CONFIRMATION</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">The undersigned Guarantors hereby expressly acknowledge and consent to the foregoing First
Amendment to Credit Agreement and acknowledge and agree that each Guarantor remains jointly and
severally obligated for the various obligations and liabilities of the Borrower to the Agent and
the Lenders under the Credit Agreement as provided in the Guaranty dated September&nbsp;17, 2015



<P align="left" style="margin-left:23%; font-size: 12pt"><B>INDEPENDENCE REALTY TRUST, INC.</B>, a Maryland
corporation



<P align="left" style="margin-left:23%; font-size: 12pt">By: <U>/s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>



<P align="left" style="margin-left:23%; font-size: 12pt"><B>IR TS OP CO, LLC</B>, a Delaware limited liability



<P align="left" style="margin-left:23%; font-size: 12pt">company, successor by conversion to Trade Street
Operating Partnership, LP


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="23%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By:
Independence Realty Operating Partnership, LP, a
Delaware limited partnership, its sole member</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By:
Independence Realty Trust, Inc., a
Maryland corporation, its general partner</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:31%; font-size: 12pt">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>



<P align="left" style="margin-left:23%; font-size: 12pt"><B>JLC/BUSF ASSOCIATES, LLC</B>, a Delaware limited



<P align="left" style="margin-left:23%; font-size: 12pt">liability company



<P align="left" style="margin-left:23%; font-size: 12pt">By: TS Manager, LLC, a Florida limited liability
company, its manager



<P align="left" style="margin-left:27%; font-size: 12pt">By: IR TS Op Co, LLC, a Delaware limited



<P align="left" style="margin-left:27%; font-size: 12pt">liability company, successor by conversion to
Trade Street Operating Partnership, LP, its
sole member



<P align="left" style="margin-left:27%; font-size: 12pt">By: Independence Realty Operating Partnership,
LP, a Delaware limited partnership, its sole
member



<P align="left" style="margin-left:31%; font-size: 12pt">By: Independence Realty Trust, Inc., a



<P align="left" style="margin-left:31%; font-size: 12pt">Maryland corporation, its general
partner



<P align="left" style="margin-left:31%; font-size: 12pt">By:<U> /s/ Farrell Ender</U><BR>
Name: Farrell Ender<BR>
Title: President<BR>


<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><U>Address for Notices</U>:
</FONT>

<P align="left" style="font-size: 10pt">Independence Realty Trust, Inc. and


<P align="left" style="font-size: 10pt"><BR>
IR TS Op Co, LLC
<BR>
Cira Centre
<BR>
2929 Arch Street, 17th Floor
<BR>
Philadelphia, Pennsylvania 19104
<BR>
Attn: Farrell Ender, President
<BR>
E-mail: <U>fender@irtreit.com</U>
<BR>
Fax: (215)&nbsp;405-2945

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With a copy to:</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independence Realty Trust, Inc.<BR>
Cira Centre<BR>
2929 Arch Street, 17th Floor<BR>
Philadelphia, Pennsylvania 19104<BR>
Attn: General Counsel<BR>
Email: jnorman@rait.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pepper Hamilton LLP<BR>
The New York Times Building<BR>
620 Eighth Avenue, 37th Floor<BR>
New York, New York 10018-1405<BR>
Attn: Paul W. Hespel, Esq.<BR>
E-Mail: hespelp@pepperlaw.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Fax: (215)&nbsp;405-2945 Fax: (212)&nbsp;286-9806


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt">SCHEDULE 1.1</FONT>



<P align="center" style="font-size: 12pt">(See attached)



<P align="left" style="font-size: 12pt"><FONT style="font-size: 8pt"> 1890035.2
</FONT>

<P align="left" style="font-size: 8pt">1890035.4



<P align="center" style="font-size: 10pt; display: none">




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