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UDR Completes $138M 21 Chelsea Acquisition

NEW YORK CITY-After entering an agreement to buy Dwell95 for $325 million just two weeks ago, the 201-unit luxury apartment building is the REIT’s latest Manhattan acquisition.

By Jacqueline Hlavenka | Updated on August 26, 2011

(Mark Your Calendars: RealShare New Jersey 2011, September 13 in New Brunswick. RealShare New York takes place Oct. 12 at the Marriott Marquis.)

NEW YORK CITY-In continuing its Manhattan acquisition spree, publicly-traded multifamily REIT UDR, Inc. completed its acquisition of the 14-story, 210-unit 21 Chelsea luxury apartment building from owner 21 Chelsea LLC for $138 million on Friday morning. The transaction is the latest deal to close in UDR’s current credit facility, which also includes the 706-unit, 35-story Rivergate apartment tower in Murray Hill and the 185-unit View 14 in Washington DC. In total, the three communities were acquired for $687 million.

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