UDR President and CEO Tom Toomey discussed the elements of the apartment REIT's joint venture with Kuwait Financial House, one of the largest banks in the Middle East. Toomey said the JV will use initial funding of $450 million to seek opportunity purchases of properties in "24-hour cities" on the east and west coasts. "We would ... see ourselves closing one or two transactions by the end of 2009, and we would expect the fund to be fully deployed by the end of 2010," Toomey said.

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