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UDR Sells Health Care Facility for $27.36M

JV Purchase Assisted Living Facility in Glen Burnie
May 27, 2008
An investment joint venture called G & I VI Gatewater Landing LLC purchased this health care building at 7355 E Furnace Branch Rd in Glen Burnie, MD, from United Dominion Realty Trust for $27,360,000, or about $375.93 per square foot.

Located in the Route 2 Corridor North submarket, the three-story, 72,779-square-foot, Nursing Home /Convalescent Hospital was built in 1977 and has approximately 200 beds. The building traded as part of an 84-property multi-family portfolio involving properties located in Arkansas, Delaware, Florida, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Maryland, Virginia and Washington for a total purchase price of $1.47 billion. The sale and a note in the amount of $200 million closed March 3, 2008.

The buyer and the seller handled the transaction directly. Please refer to CoStar COMP #1222382 for additional information on this transaction. See Costar Master Comp # 1503756 for more information on the 84-property portfolio sale.
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