UDR REIT acquires apartment communities for $455.1 million
UDR, a Denver-based multifamily REIT, has acquired five apartment communities in three states for $455.1 million. The properties are located in Anaheim, Calif.; Marina del Rey, Calif.; Boston; Braintree, Mass.; and Baltimore, as well as a presale venture in Stoughton, Mass. The purchases are being financed through a combination of cash, the company's credit facility and the assumption of $92 million of first mortgages on two of the communities. Separately, UDR has priced its offering of 16 million shares at $20.35 per share. It will realize proceeds of $312.1 million, which it will use to fund potential and recent acquisitions.
Bloomberg Businessweek
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This story published in Real Estate Investment SmartBrief on 09/10/2010
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