1. Independence Realty Trust (IRT) provides leveraged exposure to Sunbelt apartment markets, targeting class-B properties with higher risk/reward potential; 2. The REIT trades at a discounted FFO multiple compared to peers and offers a 4.2% dividend yield, but faces risks from high leverage and interest expenses; 3. Management anticipates growth as Sunbelt supply stabilizes, with a 'Buy' rating initiated based on potential double-digit upside if market conditions improve.