United Dominion Takes Three for $64M

RICHMOND, VA-Multifamily real estate investment trust United Dominion Realty Trust continues to follow through on its current investment strategy with the recent acquisition of three apartment properties in Maryland and Southern California for an aggregate sum of $64.2 million. The apartment communities increase the company’s ownership by a total of 1,352 rental units.

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.