DENVER-Locally-based UDR Inc., a multifamily REIT, will acquire five operating communities as well as one pre-sale venture for $455.1 million. The deal helps the company create a strategic foothold in the Boston market according to a prepared statement, since three of the communities containing 586 homes are located there.

The communities include: 1818 Platinum Triangle in Anaheim, CA for $70 million; Marina Pointe in Marina del Rey, CA for $157.5 million; Garrison Square in Boston for $98 million; Ridge at Blue Hills in Braintree, MA for $40 million; Domain Brewers Hill in Baltimore; and the pre-sale venture is Lodge at Stoughton in Stoughton, MA for $43.1 million.

The communities will be financed via cash, available capacity under the company’s credit facility and the assumption of $92 million of first mortgages on Marina Pointe and Ridge at Blue Hills with a current weighted average interest rate of 2.3%. “We are extremely excited to expand our portfolio in our core markets and enter the Boston market, one of the nation’s least affordable homeownership markets,” says Tom Toomey, president and CEO. “Our entry into Boston exemplifies our strategy of owning homes in markets characterized by low home affordability with superior growth prospects.”

Toomey adds that the company has also “secured the acquisitions of three communities recently developed by the Hanover Co.—1818 Platinum Triangle, Ridge at Blue Hills and Domain Brewers Hill—at a substantial discount to their cost.” Collectively, Toomey says, “these acquisitions will further enhance the overall quality of our portfolio as measured by average monthly income per occupied home, age and home size.”

As GlobeSt.com previously reported, the Hanover Co. of Houston has opened its 265-unit 1818 Platinum Triangle luxury apartment complex in March of 2009. It was considered one of the latest projects to take shape at the 820-acre mixed-use Platinum Triangle area surrounding Angel Stadium and Honda Center.

The community is located minutes away from Orange County’s coastal communities, UCI Medical Center, Disneyland, Westfield Main Place and The Block at Orange. Community amenities include a fitness center with state-of-the-art equipment, theater and game rooms, multiple courtyards containing water features and an outdoor fireplace, an on-site parking garage and a rooftop pool and outdoor kitchen with views of the Angel Stadium and Disneyland. The community’s one- and two-bedroom homes feature generous floor plans, condo quality finishes with wood or tile flooring throughout and chef-caliber kitchens with granite countertops.

Ridge at Blue Hills is situated in the heart of Braintree, close to South Shore Plaza and just thirteen miles from the Boston CBD. The “T” stations in Braintree and Quincy are minutes away, alternatively Ridge at Blue Hills offers easy access to major traffic arteries. Community amenities include a fitness center with state-of-the-art equipment, outdoor fireplace and poolside grill, theatre room with surround sound and stadium seating, and a resort-style swimming pool. The community’s one- and two-bedroom homes feature generous floor plans, condo quality finishes including designer kitchens with black on black appliances, maple cabinetry, slate tile bathroom flooring and full size washers and dryers.

Marina Pointe is located in Marina del Rey and is close to Los Angeles International Airport and just 30 minutes from downtown Los Angeles. The acquisition of Marina Pointe will create a 1,051 home “pod” with two existing UDR communities, Jefferson at Marina del Rey (immediately adjacent) and Tierra del Rey (two blocks east). UDR is currently reviewing several revenue enhancing improvements for the community including adding washers and dryers and upgrading the kitchens and bathrooms. Community amenities include a business center, theatre room, fitness center, abundant underground parking, and a resort style swimming pool and spa surrounded by landscaped courtyards. The community’s homes include walk-in closets, fireplaces, nine-foot ceilings, and private patios and balconies. GlobeSt.com learns that Brett Betzler a director at Moran & Co. along with Mary Ann King, president, are representing the seller in the transaction.

Garrison Square is located at the crossroads of Boston’s Back Bay and South End neighborhoods and just steps away from both the orange and green lines of the “T”, greater Boston’s subway system. The core, infill location is a short walk to Back Bay’s shops, and the South End’s galleries and restaurants and borders Southwest Corridor Park and Copley Place. Community amenities include a rooftop terrace with a view of the Boston skyline, landscaped gardens, a private courtyard with fountains, concierge service, and on-site structured parking. The community’s one-, two- and three-bedroom homes include generous floor plans, condo quality finishes, chef-caliber kitchens, large closets and washers and dryers.

Domain Brewers Hill is located on the corner of South Conkling and Toone streets, part of Brewers Hill, the newly revitalized Canton neighborhood just east of downtown Baltimore. The location provides easy access to I-895 and I-95, with direct access to Washington, D.C. and Philadelphia. The community is minutes to the Inner Harbor, John Hopkins Medical Center, John Hopkins Bayview, Harbor East, Patterson Park and Fells Point. Community amenities include a resident lounge, conference center, fitness center with state-of-the-art equipment, two courtyards with fireplaces and grilling areas, and an on-site parking garage. The community’s one- and two-bedroom homes feature generous floor plans, condo quality finishes including hardwood floors, slate tile entryway flooring, large walk-in closets, granite kitchen and bath countertops, chef-caliber kitchens with stainless steel appliances and views of downtown Baltimore and the harbor.

UDR will also enter into a pre-sale venture with an affiliate of the Hanover Co. to develop a 240-home community built to the same quality and amenity specifications as other recently acquired Hanover communities. Lodge at Stoughton will be well located and served by the “T” commuter rail station located 3.4 miles to the southwest and will feature immediate highway access to Route 24, the second largest industrial arterial serving the Boston area, according to a prepared statement.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.