DENVER, CO - UDR today announced that it has received recognition for its redevelopment efforts for the second year in a row. UDR was awarded an Award of Merit for Renovation Project of the Year from Multifamily Executive for the Company's redevelopment of Altamira Place, a 360 home community in Orlando, FL. In 2007, UDR received an Award of Merit for its redevelopment of The Legacy at Mayland, a 576-home community in Richmond, VA. "We're pleased to see our redevelopment team receive well-deserved recognition," said Thomas W. Toomey, President and CEO of UDR, Inc. "For years, UDR has improved the value of its portfolio by renovating selected properties. This not only increases their attractiveness to customers; it also enables us to capture higher rents, extend the life of these assets and create shareholder value."
Completed in 2007, the renovation of Altamira Place created an entirely new look for the community. The visual appeal of the property's buildings was enhanced with construction of new covered entry towers, changes to existing rooflines, and a new stucco exterior including decorative trim. Perhaps the most significant change was the addition of a second bathroom to 52 two-bedroom homes, which greatly improved the functionality of those homes as well as the property's overall product mix. The community also benefited from a complete renovation of the existing clubhouse and leasing office, which included a new fitness center and the addition of a cyber cafe and media room. As a result of the renovation, average monthly income per occupied home for the community has increased 35 percent, from $709 to $957.
In 2006, UDR completed the transformation of Legacy at Mayland, a dated 1970's vintage community, by improving building exteriors, updating home interiors, improving resident amenities and upgrading the property's product mix. UDR dramatically improved the look of the apartment buildings by adding new gables focused on the breezeway entries and balconies. Individual homes were updated as well: existing windows were replaced with larger ones, which increased the amount of light in apartment homes; washer/dryer connections and equipment and individual water heaters were added to each home; replacements and upgrades to the electrical system, plumbing, phone and cable systems were completed; and walls were removed in most of the units to open up the kitchens to the living areas. Interior amenity upgrades included maple cabinets, new appliances, new light fixtures, and faucets. In addition, 100 two-bedroom units were upgraded to include two baths. As a result of these upgrades, average monthly income per occupied home at Legacy at Mayland has increased 42 percent, from $750 to $1,064.
The Company maintains an active redevelopment pipeline. Since the inception of its redevelopment program, UDR has completed the renovation of 3,352 homes in ten communities for an incremental investment of $138.8 million, or approximately $41,400 per home. In addition, the Company is currently working on the renovation of 756 homes in three communities with an expected incremental investment of $35 million, or approximately $46,000 per home.
Source: Business Wire