UDR buys two more Manhattan rental communities for $581M

New York /
Jul.July 13, 2011 08:37 AM

UDR, the third-largest publicly traded apartment owner in the U.S, has agreed to pay $581 million for two Manhattan rental communities — the 706-unit Rivergate complex at 401 East 34th Street in Murray Hill for $443 million and the 210-unit 21 Chelsea building at 120 West 21st Street for $138 million — in an effort to expand its presence in the city, Bloomberg News reported.

The company released news of the acquisitions yesterday, also saying it had purchased a 185-home Washington D.C. housing community for $106 million.

“The acquisition of these three communities continues our portfolio transformation and strategy of owning apartment homes in markets characterized by above-average job growth, low home affordability and limited new supply — three of the key drivers to strong rental growth,” Tom Toomey, president and CEO, said in the statement.

UDR made its first Manhattan purchase earlier this year, paying $260.8 million for 10 Hanover Square in the Financial District.

David Messenger, CFO of UDR, said in March that the company was “walking up and down the streets” looking at New York properties. “One asset isn’t going to be enough for us,” he said.

UDR will assume a $31 million first mortgage on 21 Chelsea, the company said. [Bloomberg]


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