UDR to Buy Two Manhattan Apartment Complexes for $581 Million
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UDR Inc., the third-largest publicly traded U.S. apartment owner, agreed to pay about $581 million for two Manhattan rental communities as it seeks to expand its foothold in the New York market.
The company will purchase the 706-unit Rivergate complex in Murray Hill for $443 million, and a 210-unit community called 21 Chelsea for $138 million, the Highlands Ranch, Colorado-based real estate investment trust said today in a statement. UDR also said it bought a property in Washington, D.C., on June 28, paying $106 million for a 185-home community called View 14.