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UDR Sells Eight Assets to Westdale for $181M

HIGHLANDS RANCH, CO-The portfolio includes 2,310 units in six Atlanta properties and two Denver properties.

By Brian K. Miller | Updated on September 16, 2007

(Read more on the multifamily market.)

HIGHLANDS RANCH, CO-The apartment REIT United Dominion Realty Trust has sold an eight-property, 2,310-unit portfolio to Westdale Asset Management of Dallas for $181 million. The sale completes UDRT’s exit from both markets.

The transaction included 884 units in two properties in the Denver area and 1,426 in six properties in the Atlanta area. The portfolio is 96.8% occupied with average monthly rent of $743 per home. The in-place cap rate on the investment is in the 5% range, according to industry sources.

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