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UDR Sweeps Manhattan Market With $911M in Acquisitions

NEW YORK CITY-The Colorado-based REIT has snatched up 1,423 units across the city in the third quarter, according to an earnings call on Monday morning.

By Jacqueline Hlavenka | Updated on October 31, 2011

NEW YORK CITY-In further expanding its rental footprint on the East Coast, Denver-based multifamily REIT UDR Inc. has taken New York by storm. During the company’s third quarter earnings call on Monday morning, UDR reported nearly $1 billion in Manhattan acquisitions in Q3, a sign that the REIT is continuing to target high-growth urban cores where rental activity is booming.

“While we are in a challenging and volatile macro environment, the effects on our business have been mitigated by the combination of declining home ownership rates, a multi-generational low in new supply, low turnover and solid job growth amongst younger aged cohorts,” said Thomas W. Toomey, president and CEO of UDR, noting that gateway markets like Manhattan, Washington, DC, Boston and Southern California have outperformed secondary suburban locations. “Integrating these high quality assets into our portfolio has been a top priority.”

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