LaSalle Investment Management has completed a joint venture with UDR to create a portfolio of core multifamily assets in key markets across the United States.
Under the terms of the agreement, UDR will contribute a seed portfolio of four assets into the joint venture and retain a 51 percent ownership position in the aggregate portfolio while also acting as asset manager.
The investment presents LaSalle with a unique opportunity to partner with a best-in-class operator in a preferred sector with immediate and diversified scale in multifamily markets that are ranked highly by LaSalle’s global Research and Strategy group. The partnership capitalizes on the secular shift to product in high-barrier-to-entry markets in addition to attractive rent price points, strong operating history, and long-term expected NOI growth.
“We are pleased to have sourced a high-quality investment for our limited partner, alongside a best-in-class sponsor and operator in UDR,” said
