DENVER, CO - UDR, Inc, a leading multifamily real estate investment trust, today announced that it has completed the acquisition of 95 Wall, formerly known as Dwell95, a 507-home luxury apartment community located in New York City’s Financial District. The seller was The Moinian Group, one of the industry’s most active residential developers and owners.
Tom Toomey, president and CEO of UDR, commented: “We see significant value creation opportunities through the implementation of our operating platform as the building is still pre-stabilized following the complete renovation in 2008. 95 Wall provides 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 and surrounding areas.”
Located on Wall Street between Water and Front Streets, and one block east of the Company’s 493-home community, 10 Hanover Square, the 22-story building was formerly the corporate headquarters of J.P. Morgan prior to being converted to residential in 2008. The building features condo-quality interior finishes for its studio, one- and two- bedroom apartment homes which average 668 square feet. The finishes include wood flooring, custom cabinetry, marble countertops and backsplashes, high-end appliances and stackable washer/dryer units. Residents enjoy a 24-hour doorman and concierge service, fitness center, resident lounge, rooftop deck and on-site parking.
UDR, Inc, 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.