UDR and Apollo set up a $2 billion joint venture covering 19 apartment properties and 7,059 units, with Apollo-managed funds investing $1.34 billion for a two-thirds interest and UDR keeping one-third and continuing to manage the portfolio. The deal, expected to close October 29, carries an average revenue of $2,058 per unit and an average age of 39 years, and gives UDR a repurchase option at the five-year mark.
Why it matters to multifamily marketers
UDR is one of the biggest branded apartment operators in the country, and portfolio moves like this could change brand, website and leasing playbooks at individual communities.