United Dominion Snaps Up Two for $50M

RICHMOND, VA-Multifamily REIT United Dominion Realty Trust Inc. has revealed two recent apartment community acquisitions totaling nearly $50 million. The company adds to its portfolio the Columbia, MD-based 178-unit Summit Meadows, and Riverside, CA’s 240-unit Windemere at Sycamore Highlands.

The 12-year-old Summit Meadows property was 96% filled with tenants at the time of the sale, and it cost UDRT $21.1 million. Charlotte, NC-headquartered Summit Properties Inc. was the seller. Located between Washington, DC and Baltimore, the complex sits at 8600 Cobblefield Dr. in close proximity to the I-95 Corridor. Sprawled out among nearly 11 acres, Summit Meadows consists of 11 low-rise residential buildings, and a separate community structure with a fitness center, all of which carries a 2002 assessed value of about $10.5 million. The apartment community last changed hands in 1994 when Summit acquired it for approximately $8.3 million