In Silver Spring, MD, UDRT plunked down $46.7 million for the 426-unit community called The Ridgewood apartments. Part of the deal includes UDRT's assumption of $12.5 million in financing on the property, which has a current assessment value of about $17.8 million. The 20-year-old complex had belonged to JBG Companies, which remodeled the combination townhome and garden-apartment property last year. In a $17.5 deal in California, UDRT acquired the 36% interest of a joint venture partner in the 768-unit Grand Resort in Anaheim, and the 158-unit Pine Avenue Apartments in Long Beach. Formerly known as Oakwood Anaheim, Grand Resort is a 31-year-old apartment community, while the Pine Avenue complex dates back to 1987. In 1997, 85% interest in both properties sold to American Apartment Communities for $43 million, leaving the remaining 15% to joint venture partner JH Investments.

"We're making steady progress in our long term goal repositioning the portfolio into a fewer number of markets that have higher growth," UDRT senior executive vice president Mark Wallis said when speaking about the company's strategy during UDRT's second quarter 2002 earnings conference call. "If our expectations about early fourth quarter are accurate, acquisitions for the year will be in the range of $350 to $400 million. So we still believe in our ability to reposition them with minimal dilution to earnings this year."