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UDR Selling 86 Apartment Assets for $1.7B

DENVER-The multifamily REIT also announces a major increase to its stock buy-back program and a 'realignment' that will bring its back-office operations here from Virginia.

By Brian K. Miller | Updated on January 30, 2008

(Read more on the multifamily market.)

DENVER-UDR Inc. has agreed to sell 25,684 apartment units–about 39% of its portfolio–for $1.7 billion in cash. The multifamily REIT also announced a major expansion of its stock buy-back program; a “realignment” that will move its back-office operations here, where its executives have been based since 2001; and its fourth quarter earnings.

The portfolio to be sold consists of 86 apartment communities in Arkansas, Delaware, Florida, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia and Washington. The new owner will be a JV of DRA Advisors LLC of New York City and Greensborough, NC-based Steven D. Bell & Co. The sale is slated to close on March 3. No brokers were involved.

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