Pursuits
Manhattan Apartments Lure Investors Seeking Market Foothold
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When UDR Inc. agreed to pay $260.8 million for a tower in Manhattan’s Financial District, it was not only the borough’s biggest apartment sale in almost three years. It was also the company’s first foray into New York City.
The deal this month by Highlands Ranch, Colorado-based UDR is the latest by a multifamily property investor trying to establish a beachhead in the borough, as apartment demand climbs and rents recover from last year’s lows. Several new players are finding opportunity as city mainstays such as Equity Residential, which bought three prime high-rises from developer William Macklowe in 2010, turn their attention to less-costly acquisitions outside New York.