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UDR pays $270m for suburban Boston apartment property
Transactions - OCTOBER 31, 2019

UDR pays $270m for suburban Boston apartment property

by Andrea Zander

UDR Inc. has paid $270.2 million, or $295,405/unit, for the 914-unit Commons at Windsor Gardens apartment property in the Boston suburb of Norwood, Mass.

In a separate deal, UDR acquired One William, a 185-home community in Englewood, N.J., for $83.6 million, or $451,900 per home. And it acquired the 70 percent interest it did not already own in 1301 Thomas Circle, a 292-home community in Washington, D.C., for $186.8 million. The seller was its partner Kuwait Finance House. The joint venture was formed in 2009, with plans to invest $450 million in multifamily properties located in key, high-barrier markets.

In another joint venture with MetLife, UDR acquired the 50 percent interest not previously owned in operating communities, one community under development and four development land sites, valued at $1.1 billion. And it sold its approximately 50 percent ownership interest in five UDR/MetLife JV communities valued at $645 million.

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