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UDR Wraps Up $901 Million Purchase of 3,000+ Unit Multifamily Portfolio in Greater D.C.

Colorado REIT Acquires Six Communities in MD and VA, Will Exit Norfolk Market Through Section 1031 Exchanges
October 9, 2015
United Dominion Realty Trust (NYSE: UDR), a Colorado-based multifamily real estate investment trust, this week closed on one of the largest ever multifamily transactions in the Washington, D.C. metropolitan area with its acquisition of six communities in Maryland and Virginia for a total purchase price of $901 million, or approximately $278,000 per unit.

UDR entered into a definitive agreement with Rochester, NY-based Home Properties (NYSE: HME) back in June to acquire the 3,246-unit portfolio. Following the disposition, the $7.6 billion sale of HME to an affiliate of Dallas-based private equity firm Lone Star Funds for $7.6 billion was finalized.

Portfolio Overview:

  • 1200 East West - a 247-unit complex constructed in 2010 at 1200 East West Hwy. in Silver Spring, MD. The 15-story high-rise features one- and two-bedroom floorplans and earned LEED Gold certification in 2012.

  • Eleven55 Ripley - a 379-unit complex completed in 2014 at 1155 Ripley St. in Silver Spring. The residential tower consists of studio, one- and two-bedroom floorplans over 21 stories and was certified LEED Gold earlier this year.

  • Newport Village - The largest complex in the portfolio at nearly 1.1 million square feet, the 937-unit Newport Village was constructed in 1968 at 4757 W. Braddock Rd. in Alexandria, VA. The garden-style community offers one-, two- and three-bedroom units across 117 buildings.

  • Arbor Park of Alexandria - an 851-unit community constructed in 1965 on nearly 40 acres at 6340 Wingate St. in Alexandria. Recently renovated, the garden-style community consists of one-, two- and three-bedroom apartments in 21 buildings.

  • The Courts at Huntington Station - a 421-unit community built in 2010 at 5950 Grand Pavilion Pky. in Alexandria. The four-story building consists of studio, one-, two- and three-bedroom apartments across four buildings.

  • The Courts at Dulles - a 411-unit community constructed in 2001 minutes from Dulles International Airport at 13800 Jefferson Park Dr. in Herndon, VA. The four-story community houses one- to three-bedroom apartments across 12 buildings.

    UDR closed the deal through a combination of $565 million in UDR OP units (issued at $35 per unit), $26 million in cash, $89 million of debt and $221 million of Section 1031 exchanges currently under contract. The six properties under contract to sell are the 192-unit Dominion Waterside at Lynnhaven in Norfolk, VA; the 252-unit Heather Lake in Norfolk; the 200-unit Eastwind Apts. in Norfolk; the 202-unit Dominion Yorkshire Down in Norfolk, the 400-unit Huntington Villas Apt. Homes in Huntington Beach, CA; and the 119-unit Ocean Villas Apt. Homes in Oxnard, CA.

    With the sale, UDR will exit the Norfolk market.

    In a separate transaction, the company is also under contract to sell the 212-unit Sugar Mill Creek Apts. in Tampa, FL and the 178-unit Tamar Meadows in Baltimore, MD for an aggregate price of $66 million.

    For more information on UDR's acquisition, please see CoStar COMPS #3407254.
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