DENVER, CO - UDR, Inc, a leading multifamily real estate investment trust, announced that it has completed the acquisition of 21 Chelsea, a 210-home luxury apartment community in New York City’s desirable Chelsea neighborhood.
21 Chelsea is located on 21st Street between 6th and 7th Avenues in the desirable Chelsea neighborhood of Manhattan. The 14-story, 210-home community is located within walking distance to a number of major retailers, including: Trader Joe’s, Whole Foods and the Chelsea Market. Residents are two blocks from the subway stop at 23rd street and 7th Avenue, and within walking distance to the High Line Park, Hudson River Park and Chelsea Piers. Community amenities include a 24-hour doorman, rooftop deck, laundry facilities and a valet service. Plans to invest between $6 - $8 million over the next two years in the redevelopment of the homes will include new kitchen and baths with new cabinets, granite countertops, and stainless steel appliances. Community upgrades will include a redesigned lobby and improving the current rooftop space by adding new landscaping and outdoor furniture and grills. Following the completion of the redevelopment, and the implementation of UDR’s property management platform, it is anticipated that rents will be approximately 20% higher than the current monthly income per occupied home of $3,226.
UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of June 30, 2011, UDR owned or had an ownership position in 60,456 apartment homes including 2,009 homes under development. For over 39 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates.
Source: UDR, Inc.