NEW YORK CITY-Publicly-traded REIT UDR, Inc. entered an agreement to acquire the Moinian Group’s luxury 507-unit Dwell95 tower at 95 Wall St. for $325 million, a deal that further expands UDR’s presence in the New York market. The purchase price of the building will be funded through the issuance of approximately $50 million of operating partnership units and $275 million in cash, partially funded through the proceeds from the disposition of communities that no longer fit the long-term growth profile of the company, UDR says in a statement.

The acquisition will increase the Highlands Ranch, CO-based REIT’s Manhattan portfolio to $1.2 billion in assets and 1,916 units total. UDR also owns the 493-unit apartment tower at 10 Hanover Square just one block east of 95 Wall St., as well as Rivergate in Murray Hill at 401 E. 34^th St.

Harry Alcock, senior vice president of asset management at UDR, tells GlobeSt.com that the transaction bumps Manhattan to 12% of its total national portfolio. “We do believe now is a good time to invest in New York City,” Alcock says. “We are raising rents at 10 Hanover Square at an average of about 14% since we acquired the property,” he says, noting that average rents range around $3,000 per month. “We are moving rents at Rivergate to a similar type percentage. Now is a good time to own multifamily product in New York.”