UDR buys stake in apartment portfolio
UDR has completed the acquisition of a 48 percent interest in a five-property apartment portfolio from its new partner Wolff Co. The portfolio is valued at $559 million.
The portfolio consists of 1,533 units, located in Anaheim, Calif.; Los Angeles; and Seattle. The largest apartment property is the 399-unit Katella Grand I in Anaheim, which is valued at $161.3 million. The second-largest property is its twin midrise Katella Grand II, which has 386 units and a value of $156.1 million.
UDR will serve as property manager. The REIT is in negotiation to add a sixth asset to the partnership with Wolff, known as the West Coast Development Joint Venture.
Earlier this year, UDR sold a seven-property portfolio to its partner Starwood Property Trust, an entity of Starwood Capital Group. The firm sold a 20 percent stake in the $400 million portfolio. It consists of 2,959 apartment units, located in Texas, specifically Carrollton, Euless, Houston, Plano and Webst