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United Dominion Adds 650 Bay Area Units for $146M

SAN RAMON, CA-The multifamily REIT pays San Diego-based Fairfield Residential $225,000 per door for the 400-unit Mill Creek at Windermere and the 250-unit Canyon Oaks at Windermere.

By Brian K. Miller | Updated on August 15, 2006

(To read more on the multifamily market, click here.)

SAN RAMON, CA-Publicly held United Dominion Realty Trust quietly acquired 650 newly constructed units here last month for $146.3 million. The multifamily REIT from Richmond, VA, paid $90 million for the 400-unit Mill Creek at Windermere, which is still in lease-up, and $56.3 million for the 250-unit Canyon Oaks at Windermere, according to an SEC filing from the end of July.

San Ramon is located 30 minutes east of Oakland in the Interstate 680 corridor, between the cities of Walnut Creek and Dublin. The luxury multifamily properties include one-, two- and three-bedroom apartments with walk-in closets and all new appliances including in-unit washers and dryers. Other features include attached and detached garages, a clubroom, picnic areas, playground, pool, spa and outdoor fireplace.

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