UDR Sells Mid-Atlantic Holdings, Other Assets for $221M
ByNetwork with the nation’s top CRE dealmakers at RealShare APARTMENTS in Los Angeles on Oct 21-22,RealShare INDUSTRIAL in Atlanta on Nov 3-4, RealShare NEW LEASE WEST in Los Angeles on Nov 11-12 andRealShare HEALTHCARE REAL ESTATE in Scottsdale, AZ on Dec 2-3.
WASHINGTON, DC—Denver-based UDR has announced that, along with private equity fund’s Lone Star closing of its acquisition of the multifamily REIT Home Properties, it too has closed on its portion of this deal.
It also expanded on a largely unnoticed detail in August when it reported that shareholders had agreed to the transaction. Namely that a 1031 exchange would be used to partly fund the acquisition that would be valued between $230 million to $250 million. On Wednesday it reported that it had six properties under contract six properties for $221 million, four of which are located in Norfolk, VA. Once these properties are sold the REIT will have exited the Norfolk market…
