RCA in the commercial property press:

UDR Rapidly Expanding in Manhattan

Bloomberg reports: Colorado-based UDR Inc, the third largest publicly traded apartment real estate investment trust in the US, recently announced that it would purchase a downtown Manhattan apartment tower to expand its presence in the nation’s largest market to 1,916 units. The acquisition will be funded with $275 million in cash from recent apartment dispositions and $50 million in operating partnership units.

Using data recorded by Real Capital Analytics, Bloomberg reported that UDR has acquired Dwell95, a 507-unit apartment complex on Wall Street that was the former headquarters of JPMorgan Chase & Co. The building was purchased in 2006 by the Moinian Group, which converted it to apartments.

UDR Chief Executive Officer Tom Toomey described the purchase as a “…unique opportunity to further our presence in the Financial District, an area of Manhattan that we believe will continue to benefit from the redevelopment of the World Trade Center…”

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Posted by: Nina Turner

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