LaSalle Investment Management has closed on a $230 million expansion of its joint venture with UDR. This transaction increases the total size of the joint venture to approximately $850 million.
Under the terms of the agreement, LaSalle will hold a 49 percent ownership stake in the newly contributed assets, with UDR retaining 51 percent.
“Our joint venture with UDR has been a strong and successful collaboration since its inception, and we are pleased to continue building on that foundation,” said Stuart Sziklas, global portfolio manager, LaSalle Investment Management. “UDR has been an excellent partner that has delivered value through its high-quality operating platform and commitment to innovation. We look forward to finding additional opportunities to grow our relationship.”
The expansion adds four apartment communities totaling 974 homes to the joint venture’s portfolio, which now comprises 2,564 homes. The newly contributed properties are located in
