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New York

UDR completes acquisition of 21 Chelsea

Real estate investment trust UDR has closed on its purchase of 21 Chelsea, a 210-home luxury apartment community in Chelsea, according to Market Watch.

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Last month, the company went into contract on two Manhattan rental communities — the 706-unit Rivergate complex at 401 East 34th Street in Murray Hill for $443 million and 21 Chelsea at 120 West 21st Street for $138 million — in an effort to expand its presence in the city.  Colorado-based UDR has been open about its plans to make a total investment of up to about $1.8 billion in Manhattan rental properties in coming years. [Market Watch]

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